Rate Hike Fears Ease, Boosting Markets Amid Oil Price Surge

The global market sentiment has improved as investors have toned down their expectations for a rate hike from the Federal Reserve, which is set to make its next monetary policy decision in just over a month. This shift in expectations has boosted market sentiment and led to gains in various markets. In particular, technology shares have outperformed, contributing to the overall positive mood.

While hopes of a US-Iran deal had limited gains earlier in the day, the uncertainty surrounding the conflict and potential supply disruptions has actually helped boost oil prices. The price of both Brent and Crude Oil WTI futures has increased, with Brent up 0.72% to $89.16 per barrel.

Despite the overall positive trend, cryptocurrencies are trading in the red. Bitcoin is down 1.27% at $62,689.24, while Ethereum and other major cryptocurrencies have also declined.