GLOBAL MARKETS-Stocks Fall, Oil Rallies as Middle East Peace Hopes Fade

GLOBAL MARKET - LONDON. Wall Street's main equity indexes dipped on Tuesday and the dollar rose as U.S. inflation climbed and oil gained for a third straight day as hopes faded for a Middle East peace deal to get ships moving through the Strait of Hormuz.

In April, U.S. consumer prices (CPI) rose sharply for a second straight month, resulting in the largest annual increase in inflation in nearly three years, bolstering expectations that the Federal Reserve would keep interest rates unchanged for a while.