Global equity markets mostly traded higher as easing tensions between the US and Iran triggered a sharp decline in oil prices.

US stock market today: US stocks opened higher on Monday while oil prices tumbled after the United States and Iran suspended military action and resumed efforts to restart negotiations aimed at ending the conflict. Early trading saw the S&P 500 rise 0.8%, recovering after two consecutive weeks of losses. The Dow Jones Industrial Average advanced 581 points, while the Nasdaq Composite gained 1%. Financial markets welcomed the pause in fighting. US stock futures rallied early on Monday, while Brent crude, the international oil benchmark, fell 6.8% to $85.49 per barrel. US benchmark crude declined 7% to $83.06 per barrel.“Oil’s sharp retreat at the Monday open did more than knock a few dollars off the barrel. It loosened the geopolitical knot that had been tightening around equities, currencies, bonds and central banks for most of July,” Stephen Innes of SPI Asset Management said in a commentary according to an AP report.In Europe, Germany’s DAX rose 1.6% to 25,497.42 in early trading, France’s CAC 40 gained 0.8% to 8,436.94, and Britain’s FTSE 100 advanced 0.5% to 10,784.00. Futures linked to both the S&P 500 and the Dow Jones Industrial Average were up 1%.Asian markets also ended mostly higher. Japan’s Nikkei 225 added 0.5% to 64,931.19, while South Korea’s Kospi climbed 1% to 6,755.75. Hong Kong’s Hang Seng gained 1% to 25,207.18 and China’s Shanghai Composite advanced 1.2% to 3,858.25.Australia’s S&P/ASX 200 rose 1.4% to 8,894.00. Taiwan’s Taiex edged down 0.1%, while India’s Sensex gained 1.1%.Global equity markets mostly traded higher as easing tensions between the US and Iran triggered a sharp decline in oil prices of nearly 7%. The two sides refrained from further attacks while discussions continued on the possible revival of negotiations around an interim ceasefire.Shares of Chinese memory chipmaker CXMT jumped 466% after listing on Shanghai’s technology exchange, propelling the company to the position of China’s most valuable listed firm with an estimated market capitalization of 3.3 trillion yuan (nearly $490 billion).