India, June 16 -- Stocks closed broadly higher in major European markets on Tuesday as investors remained hopeful about the U.S. and China signing a peace deal this week. Oil prices fell sharply amid prospects of reopening of the Strait of Hormuz sometime soon.
Investors also looked ahead to the monetary policy announcements from the Federal Reserve, the Bank of England and the Swiss National Bank.
According to reports, the U.S. and Iran are likely to formally sign a peace agreement on Friday, leaving a 60-day window for negotiations toward a final agreement.
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