Hormuz Deal in Final Stages, But Iran's Conditions Remain Unclear

Global equities inched higher on Monday, led by European and US stocks, after Wall Street hit a record high on Friday.

The gains came as markets focused on the outlook for Federal Reserve interest rates and a potential deal to reopen the Strait of Hormuz energy transit route.

Europe's Stoxx 600 index rose 0.2%, while futures for the US S&P 500 climbed 0.1% and those for the tech-focused Nasdaq firmed 0.2%

Iran said on Sunday that a deal with Oman about transit through the Strait of Hormuz was in its final stages, but reiterated that the waterway would only reopen once the United States met other conditions.

Brent crude rose 2% to $85 a barrel as shipping through the strait remained at a trickle.