The U.S.-Israel war on Iran broke out in February, with Iran effectively closing the Strait of Hormuz, a key global oil transit chokepoint, raising inflation worries. Despite efforts for a resolution to the conflict, no progress has been made. President Donald Trump has imposed a deadline of 8pm Eastern Time (0000 GMT Wednesday) for a deal to be reached. This has led to a rise in oil prices, with Brent crude futures rising by 0.4% to $110.19 a barrel and U.K. West Texas Intermediate crude futures climbing 0.8% to$113.31. Meanwhile, U.N. stock futures slipped 0.55%, while European futures pointed to a higher open after being closed for holidays. The conflict has raised concerns about high inflation with weak or slow growth, disrupting the global rates outlook.