Global markets swung sharply Tuesday as US President Trump announced that all naval mines in the international waters of the Strait of Hormuz had been cleared and Russian media, citing sources, reported that the US and Iran had agreed on ceasefire terms. Iran and Oman were also planning to establish a secure maritime corridor. Oil prices fell as traders focused on easing geopolitical risks, with Brent crude down 5.02% to $85.86 a barrel and WTI crude down 4.57% to $80.68. The Federal Reserve's policy outlook remained a competing market focus: Boston Fed President Susan Collins said rates should be raised "soon" without sustained evidence of cooling inflation, while Richmond Fed President Thomas Barkin warned that investors could eventually stop buying Treasuries if US debt keeps rising. Minutes from July discount rate meetings showed four of the 12 regional Fed banks backed an increase, highlighting stronger inflation concerns among policymakers. The dollar index briefly reclaimed 99 before ending down 0.09% at 98.90, while the 10-year Treasury yield fell 6.9 basis points to 4.633% and the two-year yield declined 6.1 basis points to 4.183%. US stocks rose, led by chipmakers, ahead of Nvidia's earnings report, while Hong Kong biotech shares gained but XPeng fell after disappointing results. China A-shares drifted on thin turnover, Canada announced retaliatory tariffs on about $20 billion of US goods effective September 8, and upcoming US PCE inflation data and Nvidia's results are expected to shape monetary-policy and technology-market expectations.