(New throughout, updates with U.S. market open, adds fresh

analyst comment, bullet points and photos)

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S&P 500 nears record high as Middle East tensions cool

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Oil steadies as investors assess Iran-Israel ceasefire,

demand

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Gold dips as geopolitical tensions ease, focus turns to US

data

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Fed's Powell heads to Senate panel for second day of

testimony

By Chibuike Oguh

NEW YORK, June 25 (Reuters) - Global shares traded near

record highs on Wednesday while crude oil prices gained and were

on track to snap three straight sessions of declines as Middle

East tensions eased, allowing markets to focus on U.S. inflation

and prospects of interest rate cut.

A ceasefire between Israel and Iran appeared to be holding,

further reducing the risks of disruptions to the global oil

trade. At a NATO summit on Wednesday, President Donald Trump

basked in the quick end to the 12-day conflict, saying he now

expected a relationship with Iran that would preclude rebuilding

its nuclear program.

Federal Reserve Chair Jerome Powell resumes two days of

Congressional testimony on Wednesday when he appears before the

Senate Banking committee after scrutiny before a House panel on

Tuesday.

Benchmark S&P 500 and Nasdaq were hovering near a fresh

record high, helped by gains in technology and communication

services shares. The Dow was trading lower. The Dow Jones

Industrial Average fell 0.10% to 43,045.70, the S&P 500

rose 0.17% to 6,102.26 and the Nasdaq Composite

rose 0.44% to 19,999.51.

European shares turned lower, dropping 0.5%. MSCI's

broadest index of Asia-Pacific shares outside Japan

finished up 0.8% overnight. MSCI's gauge of

stocks across the globe rose 0.05% to 903.46,

after hitting a fresh record high earlier in the session.

"It looks like we've got a bit of a tug of war as to

everything from Middle East tensions to how that's going to

impact inflation, and then you've got oil prices firming up a

little bit," said Sandy Villere, portfolio manager at Villere &

Co in New Orleans. "It would be interesting if oil gets weaker

and inflation stays at bay and then you wrap all that into what

Powell has been saying. It feels like the market is being pretty

resilient."

Brent crude futures were up 0.94% at $67.80 a

barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 was

up 1%, to $65.04. Prices had plunged more than 10% over the two

sessions after rallying to five-month highs after the U.S.

attacked Iran's nuclear facilities over the weekend.