According to a report from Kyodo news, a senior Iranian official has said that Iran will reopen the Strait of Hormuz, a critical chokepoint to almost 20% of global energy supply, within seven days if the United States (US) takes initial steps toward easing military pressure.
Market reaction
A sharp selling pressure is seen in oil prices, following these headlines. At press time, the WTI Oil price is down 1.65% to near $90.00 after giving back early gains.
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