Stock markets across the world rose sharply on Monday and global oil prices fell after the United States and Iran reached a deal to end the war in West Asia, and reopen the Strait of Hormuz. The agreement is expected to be signed in Switzerland on Friday.The benchmark Brent crude fell by 4.9% to $83.3 per barrel on Monday. The price of Brent was $78 per barrel on February 27, a day before the conflict started. It had reached a high of $114 per barrel on May 4.Indian benchmark stock indices ended the trading session on a strong note. The Sensex and Nifty had risen nearly 1% by the time the session ended. During early trade, the Nifty briefly reclaimed the 24,000-level after 20 days. Read on.The wholesale price inflation in India jumped to 9.6% in May from 8.2% in April amid a spike in global fuel prices triggered by the conflict in West Asia. The wholesale price index-based inflation in fuel and power spiked to 30.3% in May as compared to 24.8% in the previous month. The inflation in crude petroleum and natural gas was 61.5% in May, up from 56.3% in April.The wholesale inflation data released by the Ministry of Commerce and Industry on Monday was the first set from the revised wholesale price index series with 2022-’23 as the base year. The revised series also expanded the commodity basket to 957 from 697 items. The base year in the earlier series was 2011-’12. Read on.India’s acting High Commissioner in Dhaka was summoned by the Bangladeshi Ministry of Foreign Affairs on Monday, a day after Prime Minister Tarique Rahman’s Information Adviser Zahed Ur Rahman was allegedly stopped at the Delhi airport on Sunday. Dhaka expressed dissatisfaction about the incident. The Indian Ministry of External Affairs has not yet commented on the matter.Zahed Ur Rahman had arrived in Delhi to attend a two-day meeting of the Indian Ocean Rim Association hosted by India’s external affairs ministry. While the adviser was eventually granted permission to enter India following instructions from the higher authorities, he chose to return to Dhaka via Colombo on Monday afternoon.He had waited for more than two hours during the immigration process in Delhi. It was unclear what caused the delay. Read on.The Supreme Court indicated that it may hear petitions challenging amendments to the Transgender Persons Protection of Rights Act itself or consolidate them and assign them to a particular High Court. Petitions against the amended law are pending before the High Courts of Rajasthan, Karnataka, Kerala and Delhi.A bench stayed the proceedings in the cases and issued notices on the Union government’s plea seeking their transfer to the Supreme Court. Read on.Why activists see the imprint of Hindutva in the new transgender law, Nolina Minj explainsThe United Kingdom will ban users under the age of 16 from accessing social media to protect them from being exposed to “dangerous” and harmful content, Prime Minister Keir Starmer said. The UK government said that it plans to use the same blocking model as in Australia. In December, Australia became the first country to block social media for those under 16.The ban in the UK will include platforms such as Snapchat, TikTok, YouTube, Instagram, Facebook and X. Messaging applications such as WhatsApp and Signal will not be banned. Read on.Social media bans won’t keep teenagers safe – Finland shows a better approach, Susan Grantham and Aida Hurem explainIf you haven’t already, sign up for our Daily Brief newsletter.