Updated Jun 15, 2026 – 4.21pm, first published at 3.55pmA tentative peace deal between the United States and Iran kicked off a rally in financial markets, sending stocks, bonds and bitcoin sharply higher on hopes that a slump in the oil price will ease inflationary pressures and lessen the need for higher interest rates.Markets cheered as US President Donald Trump said the key Strait of Hormuz, a choke point for a fifth of the world’s energy supply, would reopen to shipping toll-free after a deal was finally struck with Iran to put an end to nearly four months of war.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles