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Markets stall after Hormuz optimism fades without a new deal
Markets had been pricing a potential Strait of Hormuz reopening after Treasury Secretary Bessent pointed to a Tuesday or Wednesday timeline, but that deadline passed without a breakthrough.
Action Forex said market momentum across equities, rates, gold, FX, and oil cooled after expectations for a Hormuz agreement failed to materialize by a stated near-term deadline.
The outlet noted progress on a temporary shipping arrangement, with reported moves between Iran and Oman, but said key unresolved terms remain, including whether Iran would retain tolling rights after any temporary deal expires.
Action Forex also pointed to a shift in pricing behavior, with US equity futures pointing to a flat open, the 10-year Treasury yield edging higher after testing 4.61%, and gold’s rally stalling after reaching the 4,300 area.
In FX and energy, it said major currency pairs slipped back toward last week’s ranges, while Brent crude recovered from an intraday low of 78.11 to hover around 80, reflecting traders’ caution as they wait for concrete details rather than continued optimism.
Latest closeGold $4,308.50 ▲5.2%|WTI crude $75.12 ▼0.9%|Brent $79.49 ▲0.2%