Good morning from the Financial Times.

Today is Tuesday, June 16th, and this is your FT News briefing.

Investors celebrated the news of a U.S. Iran deal, and hedge funds are downbeat on European carmakers.

Plus, we'll take a look at how Russia is recruiting unwitting foot soldiers in Europe.

This is a sign of a gig economy, of people being recruited online, often paid via crypto,

to do actions in the real world.

I'm Mark Filipino, and here's the news you need to start your day.

Thank you. Global equities rallied in oil prices fell yesterday.

That's after an agreement to reopen the Strait of Hormuz was announced over the weekend.

Investors are betting the U.S. Iran deal will reverse a surge in energy prices due to the conflict,

but with inflation riding high, how long could it take for lower energy prices to actually make a difference? Here with me now is the FTs U.S. markets editor Kate Dugood. Hi, Kate. Hi.

So why are investors feeling so optimistic about this deal? So I think that the reason why investors are optimistic about this deal is because we've heard from Iran as well as from the United States.

Previously, we had kind of only been hearing from President Trump and the White House, and we had not been hearing from Tehran.

So I think that that's the real reason that investors are taking this seriously.

The reason that they think that energy prices are probably going to fall as the Strait of Hormuz is reopened.

And Iran goes about rebuilding some of the infrastructure that was destroyed.

What does this mean for inflation overall?

I mean, Kate, you know, how long could this change take to feed through the economy?

Especially given that the head of the world's biggest tanker operator said that ship owners

probably won't go back through the straight for weeks.

So I think that you're what you're hinting at, which is that we might have

inflation for longer than just, you know, that these inflationary effects might persist,

...