In a statement, the Iranian Revolutionary Guard Navy thanked captains and ship owners in the Persian Gulf and the Gulf of Oman for "complying with the regulations concerning the Strait of Hormuz and contributing to regional maritime security," and stated that "with the threat of aggression eliminated and the new regulations now in effect, the safe and stable passage of ships through the strait will be ensured." This marks the first time since the closure at the end of February that Iranian officials have issued a formal announcement signaling the resumption of navigation.
US President Trump stated that if Iran does not accept the agreement, the bombing will begin. If it agrees, the "epic fury" of military action will end.
Further market news indicates that the US proposal framework includes Iran's commitment to suspend nuclear enrichment activities and reopen the Strait of Hormuz; the lifting of the US blockade against Iran; and the joint nuclear agreement to be negotiated separately at a later date. Iran is currently assessing this new plan to end the war. If the Strait of Hormuz is confirmed to reopen, the biggest risk premium that has been weighing on global markets for three months will be quickly released, and crude oil, inflation expectations, and central bank interest rate cut paths will all be repriced.
Related reports
