An AI-driven rally has pushed momentum investors toward their strongest results in decades, even as some market participants worry growth could slow amid the Iran war. Since the end of March, MSCI Inc.'s global momentum index has outperformed the MSCI All Country World Index by 17 percentage points, positioning it for the best two-month relative run in records dating back to 1991.

India's refiners have been importing Russian crude at a record pace as they prepare for a US waiver to expire after May 16. In May so far, daily inflows have averaged 2.3 million barrels, while full-month volumes are projected at about 1.9 million barrels a day.