"Blended average of wage, diesel & commodity trends (mostly driven by diesel fuel cost up 60% y/y in May) imply the Food at Home CPI could accelerate..."

(Bloomberg) -- Stocks rallied, oil slumped and the dollar fell after the US and Iran said they had reached a deal to reopen the Strait of Hormuz.

Stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again

The development, stemming from an interim US-Iran agreement, could alleviate food inflation fears fueled by the Middle East conflict.