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last mo.

U.S. and Iran Reportedly Close to Deal to Reopen Strait of Hormuz

U.S. outlets say a tentative protocol would allow merchant ships to transit the strait, a move that would shave a major risk premium off energy prices.

La salle de contrôle d'Euronext, société qui gère la Bourse de Paris
Entrée du siège de l'opérateur boursier Euronext, dans le quartier d'affaires de La Défense aux portes de Paris. Photo prise le 25 août 2015
«Nous avons ce que je crois être une chose assez solide sur la table en ce qui concerne leur capacité à ouvrir le détroit» d’Ormuz, a déclaré Marco Rubio.

Overview

  • U.S. officials said they remained close to a "solid" agreement with Iran on Monday and American media reported a draft would permit merchant vessels to transit the Strait of Hormuz again.
  • Iran announced it will charge fees for "navigation services" for ships passing the strait, describing the payments as service charges rather than tolls.
  • Markets reacted within hours: Brent and WTI crude fell roughly 5%, the Paris CAC 40 rose about 1.17%, and both the dollar and sovereign bond yields declined.
  • Trading volumes were lighter because of holiday schedules, which amplified price moves and left some market swings driven more by sentiment than by heavy flows.
  • The strait previously carried about 20% of global oil and LNG flows, so a return to normal traffic could lower fuel costs for energy‑intensive industries and consumers while pressuring oil producers' revenues.