Global Stocks Rise as Iran-Oman Deal Nears Completion

Global stocks edged higher on Monday, buoyed by stable oil prices following Iran's announcement of an impending agreement with Oman on new shipping lanes. Investors are also eagerly awaiting U.S. inflation data. The S&P 500 and Nasdaq futures increased, while analysts maintain the Federal Reserve is unlikely to raise rates this year.

Global equities advanced slightly on Monday as oil prices remained steady after Iran announced it was close to finalizing a maritime agreement with Oman concerning new shipping routes in the Strait of Hormuz. Investors are now focusing on upcoming U.S. inflation figures due later this week.

The continent-wide Stoxx 600 index in Europe experienced a modest 0.1% increase. Meanwhile, futures for the U.S. S&P 500 and the tech-heavy Nasdaq saw gains of 0.2% and 0.4%, respectively. Iran declared the deal nearly complete but mentioned that reopening the waterway depends on additional concessions from the United States.

Oil prices were unchanged at $83.50 per barrel but remained significantly lower than the late April peak. Global stock markets have generally seen a strong performance recently, bolstered by robust corporate earnings and reduced expectations of Federal Reserve rate hikes, following a weaker U.S. jobs report.