EU Market Open: US and Iran agree to halt strikes on eachother, after a weekend of fighting; Brent +0.4%

Over the weekend, the US and Iran exchanged fire; the US said it responded to the Iranian’s decision to hit a Panama-flagged tanker. In response, Iran struck military bases in Gulf nations.Thereafter, the US and Iran agreed to halt strikes and to resume meetings this week. The talks are reportedly to be held on Tuesday, with a focus on the Strait of Hormuz and the recent escalation.US, Israel, and Lebanon signed a trilateral framework agreement on Friday; Hezbollah rejected the agreement, suggesting that it would only accept a complete Israeli withdrawal from Lebanon.Crude benchmarks gained at the reopen, but then faded off highs after the US and Iran agreed to halt strikes; Brent Aug’26 +0.4%.APAC stocks were mixed; European equity futures are indicative of a slightly firmer open.DXY is flat and holds above 101.30; G10s are mixed, the Kiwi slightly outperforms whilst the CHF and JPY lag.Looking ahead, highlights include Spanish Inflation Prelim. (Jun), Speakers including BoE's Pill, ECB's Lagarde & UK MP Burnham.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk