Oil Price Drop Triggers Global Market Rally

A sharp drop in oil prices has lifted global shares and bonds as inflation fears ease.

Oil prices plummeted after a pause in fighting in the Gulf, with Brent crude sliding 5.2% to $91.73 a barrel and U.S. crude dropping 5.4% to $84.45.

The decline in oil provided some relief from inflation pressures and led markets to pare the probability of rate hikes from the Federal Reserve, with investors now pricing just a 10-30% chance of a July Fed rate hike.