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Oil prices sold off on Monday and Tuesday after Iran held back from targeting regional crude supplies, and Trump pushed Jerusalem and Tehran into a truce.
Low energy prices have helped keep inflation in check this year.
Crude oil steadies near key moving averages as traders await EIA data and monitor Iran-Israel ceasefire and Fed rate signals.
It's Fed Chair Jerome Powell who's top of mind for markets now, rather than events in the Middle East.
Economic expert Danielle DiMartino Booth explains why perspective is key and how markets have been looking for an excuse to rally. Labor market dynamics have shifted, making it harder to find new work and signaling underlying economic fragility.
Global stocks rise
Crude oil rebounds above $65 as ceasefire optimism fades and U.S. inventory data sparks renewed supply concerns across global energy markets.
President Donald Trump appeared to undermine years of US sanctions on Iran, giving China the green light to carry on buying its oil. The announcement on Truth Social could undermine the central element of Washington's Iran policy under multiple administrations, which have sought to cut the regime's main source of revenue by making its top export off limits.
DAX hits an eight-day high as Middle East ceasefire, upbeat Ifo data, and Powell's policy stance lift sentiment. Traders eye the 24,000 level.
Hang Seng Index rises on Middle East ceasefire and Fed rate cut hopes. Real estate and tech stocks lead gains as risk sentiment improves.