Global markets inched higher as investors awaited key US inflation data while balancing ongoing Middle East supply disruptions and central bank expectations.

Crude oil prices plunged more than 9% to $88 a barrel after the US paused strikes on Iran and Tehran signaled restraint, boosting hopes of de-escalation.

Global markets show resilience as an energy sector rally offsets the Japanese yen's decline to its weakest level since 1986. Investors are now closely watching upcoming tech earnings and central bank policy for signals on inflation.

Investors are weighing central bank policy paths against persistent inflation and geopolitical instability as key Eurozone and UK economic data releases loom.

The United States has formally ended the ceasefire with Iran, launching a naval blockade and imposing new fees on ships transiting the Strait of Hormuz.