Markets cheer deal but see oil staying elevated

Global stocks, bonds and risk currencies rallied while the US dollar fell after the US and Iran agreed a peace deal to reopen the Strait of Hormuz and lift the US blockade on Iran. US crude futures dropped over 4% and S&P 500 futures rose about 0.8%, though analysts cautioned oil prices will remain elevated for months due to infrastructure damage and gradual ramp-up of production, with $70 oil unlikely anytime soon.