Markets price hopes for Hormuz reopening

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Markets price hopes for Hormuz reopening
Business

Bloomberg Business

Oil prices and the dollar fell as investors took on more risk, encouraged by hopes that a deal to reopen the Strait of Hormuz and restore crude flows may be near. Brent crude dropped more than 4% in early trading, showing a quick easing in supply concerns linked to the route. US stock futures climbed at the same time, pointing to stronger market sentiment. The excerpt also names the Australian dollar and South African rand as risk-sensitive currencies, but it does not provide their full moves.

Brent crude fell more than 4% in early trading.

Context

Crude flows through the Strait of Hormuz have been stopped or limited. Traders hope a…

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