Oil prices rally, US data dents chances of Fed rate hike

Global shares declined Friday as markets monitored U.S.-Iran talks and Federal Reserve rate hike expectations. Oil prices rose more than a dollar per barrel amid escalating geopolitical tensions and faltering peace talks. U.S. consumer sentiment weakened due to rising living costs, impacting retail sales and the dollar. Chipmaker stocks faced pressure, contributing to declines in major U.S. stock indices.