EUR

Good morning. Oil prices are nearing pre-war levels as supertankers begin moving through the Strait of Hormuz, and the dollar is trading near a one-year high after the Federal Reserve delivered a “hawkish hold” in Kevin Warsh’s first meeting as chair. Both of the major global crude benchmarks are trading just above levels reached in the immediate aftermath of US and Israeli strikes on Iran in early March. Brent is changing hands at $78 a barrel and West Texas Intermediate at $75 after President Donald Trump* and Iranian President Masoud Pezeshkian signed a 14-point memorandum extending April’s ceasefire by another...

Good morning. The dollar is flat, Treasury yields are edging lower across the curve, and oil prices continue to decline as traders await details of the US-Iran peace deal ahead of its signing on Friday and brace for turbulence around tomorrow’s Federal Reserve decision. Brent crude is changing hands at $81 a barrel and West Texas Intermediate at $78, with both benchmarks down nearly 11% this month. Currency market reaction to the weekend’s ceasefire agreement has been surprisingly muted, with most major pairs moving less than a third of a percent since the news broke. To some extent, this reflects...

Oil prices have tumbled and the dollar is trading near a two-week low after Washington and Tehran announced they had reached a tentative agreement to pause the war in the Middle East and reopen the Strait of Hormuz. Pakistani Prime Minister Shehbaz Sharif, who brokered the final round of talks, revealed the deal, President Trump announced it on social media, and semi-official Iranian media outlets confirmed it. The full terms remain undisclosed, but the broad outlines are becoming clear: the US will relax sanctions on Iranian oil and petrochemicals, both sides will lift their shipping blockades, and negotiations on Iran’s...