Peace in the Gulf: US Sees Deal with Iran and Oil Prices Adjustments

In a live interview with CNBC, U.S. Treasury Secretary Scott Bessent expressed optimism about an agreement to reopen the Strait of Hormuz. According to him, such an accord could occur within two days, by Thursday. This news raises questions about global oil market movements and long-term economic prospects for involved countries and their trading partners. The reopening of the Strait of Hormuz would be crucial for a faster restoration of oil flows, potentially alleviating pressure on already strained global prices. The last International Energy Agency (IEA) report highlighted that the Strait accounts for approximately 20% of Middle Eastern maritime crude exports—a significant volume that could be rapidly restored with normalization between the U.S. and Iran. This possibility also has implications for energy investment strategies in key financial markets, such as New York and London, where oil prices are constantly traded. The market is watching these subtle movements that can influence important commercial decisions. Bessent's statement comes at a time of volatility in the oil markets, with prices having been in decline since last spring due to a higher global supply and weaker demand. Source: FXStreet News