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Dow Jones rises after Iran offers to reopen Strait of Hormuz
Iran said it could restart Strait of Hormuz passage within seven days if Washington accepts its terms, helping lift the Dow while WTI moved lower toward $92.00.
Iran has offered to reopen the Strait of Hormuz within seven days of Washington accepting its terms, and the news helped reverse weakness in US stocks, according to FXStreet. The Dow Jones Industrial Average traded near 51,800 on Friday and was on track to end a three-session losing streak.
FXStreet said West Texas Intermediate crude fell toward $92.00 on the offer, with cheaper fuel benefiting most of the Dow's 30 constituents. The outlet also linked the move to relief for inflation pressures that the Federal Reserve is working to contain through higher rates.
The offer, reported earlier by Japan's Kyodo News, includes a request for Washington to return to a June memorandum of understanding. FXStreet said the terms call for lifting a naval blockade, unfreezing some Iranian assets, restoring an oil sanctions waiver, and ending Israel's war in southern Lebanon, with most elements expected within four to five days.
FXStreet added that Iran's Foreign Minister Abbas Araghchi is staying in New York over the weekend to wait for Washington's reply, and said fighting had not paused for the talks, with Houthi missiles firing at Saudi.
Latest closeWTI crude $92.44 ▼2.3%|Dow Jones 51,828.62 ▲0.9%