India, June 17 -- After weeks of suspense, both the US and Iran announced over the past couple of days that a peace agreement had been reached. US President Donald Trump wanted it to be signed on Sunday to coincide with his 80th birthday. It will now be signed on Friday in Geneva. There was some last-minute drama before the agreement was reached - Israel bombed Dahiya, a Beirut suburb, which amounted to crossing an Iranian red line. Tehran regards the ceasefire in Lebanon as linked to its ceasefire with the US. The Israeli action was criticised by Trump, who described Prime Minister Benjamin Netanyahu as a "very difficult guy".

The prospect of reopening the Strait of Hormuz has cheered the markets. The Brent crude benchmark fell by 4.67%...