Oil prices are extending their slide amid fragile hopes for Mideast diplomacy.

Brent crude futures have dropped more than 9% this week, shaving roughly $10 off the price of a barrel in just three trading sessions. The drop comes as Middle Eastern leaders have convened in recent days, though mediators said no major breakthrough was achieved.

Meanwhile, stock futures are muted ahead of earnings from the world's most valuable company, Nvidia. Check out our list of five things to keep an eye on in the AI bellwether's report. We'll break down the numbers, CEO Jensen Huang's comments and the market's reaction right here.

Also on today's agenda: The release of the Fed's preferred inflation gauge for July. Economists are expecting a 12-month inflation rate of 3.6%, down slightly from 3.7% in June.