Markets Rally as Middle East Tensions Ease, US Job Data Weakens

Global markets have rallied as tensions in the Middle East ease and US job data weakens.

The Strait of Hormuz, a crucial transit for nearly a fifth of global oil and gas, has seen de-escalation following signs of reduced hostilities between Iran and the United States.

This development has led to a decline in oil prices, with Brent and West Texas Intermediate falling by more than one percent on Thursday.

The US job market data released earlier this week showed private jobs creation coming in below expectations, easing pressure on the Federal Reserve to hike interest rates.