US-Iran Peace Talks Progress Amidst Oil Market Volatility and Strait of Hormuz Reopening

Key Intelligence

• ■The United States is allowing the sale of some Iranian oil as part of an ongoing deal aimed at ending the conflict.
• ■Significant progress is reported in US-Iran peace talks following all-night discussions, despite initial threats from President Trump.
• ■The Strait of Hormuz is seeing a rapid increase in oil shipments, with Gulf oil flowing at its fastest pace since the war began, leading to slashed Iranian crude prices.
• ■Oil prices experienced initial climbs due to Trump's threats but later fell as peace talks advanced, while gold held its decline.
• ■Global markets reacted with emerging-market stocks reaching new highs and Treasuries declining due to inflation fears, while some economies like the Philippines adjusted growth outlooks due to the conflict's impact.