India’s stock benchmarks are set to open higher on Monday, after last week’s worst weekly drop in years confirmed a technical correction, as hopes of easing energy supply worries offered ​temporary relief to markets rattled by geopolitical tensions. GIFT Nifty futures were trading ‌at 23,257 as of 08:11 a.m. IST, indicating the Nifty 50 will open above Friday’s close of 23,151.10. Sentiment improved after the Wall Street Journal reported that the US government is preparing to ​announce that countries have agreed to form a coalition to escort ships ​through the Strait of Hormuz, a key chokepoint that handles 20% ⁠of global oil supply. Meanwhile, two India-flagged liquefied petroleum gas carriers, Shivalik and Nanda Devi, ​carrying about 92,712 metric tons of LPG safely crossed the Strait last week en ​route to India, easing immediate concerns over supply disruptions. India’s foreign minister Subrahmanyam Jaishankar told the Financial Times in an interview published on Sunday that he was engaged in discussions with Iran and that “talking ​has yielded some results.” Still, investors are awaiting clear signs of de-escalation that could provide more ​durable relief to equities and the Indian rupee. Oil prices remained above $100 a barrel amid the raging Middle East ‌war, ⁠stoking inflation and growth concerns and dragging the rupee to record lows. Since the U.S. and Israel launched a bombing campaign on Iran at the end of February, Tehran has largely halted traffic through the Strait of Hormuz. Back home, the Nifty fell 5.3% last week, ​while the Sensex ​lost 5.5%, their ⁠worst week since mid-2022 and 2020, respectively. Elsewhere in Asia, markets fell 0.3%.