Wall Street has rallied, with the Nasdaq climbing 3.0 per cent and the Dow marking a record-high close after the United States and Iran struck a preliminary agreement to end the Middle East war and reopen the Strait of Hormuz, leading to an easing of inflation fears as crude oil prices dropped.
The deal framework - expected to be formally signed in Switzerland on Friday - did not address key issues such as Iran's nuclear program and the Israel-Lebanon conflict.
Still US crude futures settled down 4.9 per cent following the news and hit their lowest level since March, aiding shares of energy-sensitive airline and cruise stocks and hurting energy shares.
