Mixed Markets Ahead of US Inflation Data Amid Strait of Hormuz Tensions

Global markets were mixed on Tuesday ahead of the release of US consumer price index (CPI) data, which is expected to show a slowdown in inflation rates. The US military's intervention against another vessel in the Strait of Hormuz fueled doubts over a lasting peace agreement between Iran and Oman.

The strait's closure would significantly impact oil supplies, driving up prices amid already high energy costs. This, in turn, would put additional pressure on central banks to adjust their policy roadmaps.

Chicago Fed President Austan Goolsbee stated that inflation is the biggest problem facing the US economy currently. The upcoming CPI data will likely influence the Federal Reserve's decisions by year-end and could lead to sector- and stock-specific volatility in the markets.