Premium oil prices have seen a significant decline, driven by growing optimism surrounding a potential diplomatic agreement with Iran that could lead to increased oil supply in the global market. This sentiment has contributed to a broader risk-on environment, allowing Wall Street to achieve record highs, which in turn is setting the S&P/ASX 200 up for a positive opening. Meanwhile, hedge funds have reported their largest gains since 2020, capitalizing on a robust rally in technology stocks. The sector has delivered impressive returns, with hedge funds posting an average of 5% gains in April, largely fueled by the strong performances of major players such as Intel, Alphabet, and AMD. This surge in tech stocks aligns with the prevailing market sentiment characterized by extreme greed, as investors remain optimistic about future growth prospects despite potential volatility in other sectors.