U.S. stock futures were little changed on Tuesday as oil prices traded above $70 per barrel amid uncertainty surrounding the conflict in the Middle East. However, Wall Street was still set to close out a strong first half and second quarter.

Dow futures were trading around the flatline. S&P 500 futures and Nasdaq 100 futures were also flat.

Oil prices ticked higher. U.S. West Texas Intermediate futures were last at around $71 a barrel, while international benchmark Brent crude futures  were trading at roughly $73 a barrel.

Stocks rallied in Monday’s session, as a pause in hostilities between the U.S. and Iran lifted sentiment. The S&P 500
 rose 1.18%, while the Nasdaq Composite
 gained 2.07%.

On Sunday, the U.S. and Iran agreed to halt their attacks and allow commercial vessels to pass through the key Strait of Hormuz waterway. A U.S. official told CNBC on Sunday that “both sides will stand down for now and vessels can move freely.”

In a note on Tuesday morning, strategists at UBS said that, despite an optimistic start to the week, concerns over the sustainability of AI capex growth remain.

“We believe that exposure to AI-related stocks will remain a key differentiator for equity market performance over the long run, but we also believe diversification, both within and beyond AI, is essential,” they wrote. “This means that investors can consider more defensive areas within the AI complex, such as data center operators and select payment companies, as well as other structural trends.”

Tuesday marks the final day of the first half and the second quarter.

The Dow has climbed 8.6% in the first six months of the year, putting it on pace for its best first-half performance since 2021, when it jumped 12.7%. The S&P 500 is also up more than 8% in the first half, while the Nasdaq has outperformed with an 11.1% advance. Additionally, the Russell 2000 has gained more than 21%, heading for its best first half since the first six months of 1991.

The start of the year was characterized by volatility. While the major averages hit all-time highs, they did so in spite of wild swings in energy prices due to the Iran war as well as uncertainty around the sustainability of AI spending.

The second quarter of the year, however, has been especially strong for stocks, as fears around the AI trade eased and the war appeared to near a resolution.

The S&P 500 and Nasdaq has risen about 14% and 19.6%, respectively, for Q2, on pace for their biggest quarterly gain since the second quarter of 2020. The Dow has gained 12.6% in that time, headed for its strongest quarter since Q4 2022.