Fund managers bet the reopening of the Strait of Hormuz will be a boon for Australia’s mining sector and some beaten down logistics companies.

Global stocks rose to record highs as crude oil fell after officials signalled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows.

Global stocks rose to record highs as crude oil fell after officials signalled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows.