"The mood is on the positive side. [The] market is trading now the idea that peace talks or a ceasefire could be on the way."
"Iran's de facto closure of the strait of Hormuz has all but halted global shipments of oil and gas in a narrow channel through which 20% of global supplies normally transit."
"Just four vessels were recorded as having transited the strait on Tuesday, representing less than 3% of the historical average daily traffic."
Oil prices dropped by 4%, with Brent crude falling below $100 a barrel, as stock markets globally rose on reports of a US peace framework for Iran. Positive sentiment increased after Iran allowed non-hostile ships to pass through the Strait of Hormuz, a crucial shipping lane. Asian markets saw significant gains, with Japan's Nikkei up 2.9% and European markets also rising. Despite a slight recovery in oil prices, mixed signals about US-Iran negotiations persisted, with Iran denying any talks since the war began.
Read at www.theguardian.com
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