U.S. futures and global indexes lifted after Washington and Tehran signed an interim peace pact that will reopen the Strait of Hormuz. Contracts tied to the Dow, S&P 500 and Nasdaq climbed 1.1%, 1.3% and 1.9% respectively, while the U.S. dollar slipped on the back of the deal as traders reassessed risk appetite and market volatility eased across global markets.

Brent crude fell 4.4% to $83.45 a barrel, while WTI slid 5% to $80.60, the lowest since March. Asian markets mirrored the rally: South Korea’s Kospi gained 5.2%, Taiwan’s Taiex 2.8% and Shanghai Composite 1.6%. European indices followed suit, with Germany’s DAX up 1.7% and France’s CAC 40 rising 1.6%, while energy stocks slipped, reflecting the oil decline across global markets.

With the Fed's next meeting on Friday, economists expect rates to stay steady, mirroring the Bank of England and Swiss National Bank. The Group of Seven summit in France also draws attention, as leaders weigh the implications of the new maritime corridor. Market participants now face a clearer outlook for commodity prices and inflation expectations in the near term today.