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Oil falls as Iran signals possible hormuz reopening
Iran could reopen the Strait of Hormuz within seven days if the U.S. eases military pressure and lifts its port blockade, according to multiple reports citing a senior Iranian official.
Oil prices subsequently fell with WTI crude more than 2.5% lower at $89 a barrel, roughly 15% below its September high. Brent crude dropped below $98 a barrel.
A sustained de-escalation in the Middle East could provide a tailwind for risk assets, with lower energy prices easing inflationary pressures and concerns over further interest rate hikes.
Bitcoin is consolidating around $86,000 following Monday’s sharp rally, which took it to an intraday high of $87,300. Gold is little changed over the past 24 hours at approximately $4,336 an ounce.
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