Forex
Home›Forex›Major Pairs›No Strait of Hormuz deal in sight as Iran hardens cond…
No Strait of Hormuz deal in sight as Iran hardens conditions
Iran signaled it would require comprehensive sanctions relief, an end to the naval blockade, and a halt to military action before reopening the Strait of Hormuz, while shipping remains at a trickle.
Oil prices opened higher on Sunday evening in Globex trading, as ships continued to move through the Strait of Hormuz at a trickle and Iran appeared to harden its stance on reopening the waterway, Forexlive reports.
Iran issued new reopening conditions that call for comprehensive sanctions relief, an end to the naval blockade, and a halt to military action, which would amount to a ceasefire and a return to the June memorandum of understanding, the outlet adds. Oman and Iran continued talks in parallel.
The UAE reported an Iranian missile strike on an ADNOC-linked vessel in the strait, with no casualties reported. Forexlive also notes that other tensions persisted, including Houthi activity and Israeli operations affecting Lebanon, Hezbollah, and Gaza.
On the currency front, the Bank of Japan flagged rising upside inflation risks and some members discussed the possibility of accelerating the pace of rate hikes, supporting the case for a September move. While the yen lost some ground, broader major FX pairs traded in small ranges after Friday's soft jobs data eased expectations for a near-term Federal Reserve rate hike, Forexlive says.