Iran says it has reached an agreement with Oman on a route for shipping through the Strait of Hormuz. Foreign ministry spokesman Esmaeil Baqaei did not give any further details on the agreement, which he said was “in the final stages”. Baqaei warned however that a deal with Oman would not guarantee safe navigation through
➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here. ONE BIG THING Elon Musk delivers ‘totally nuts’ ‘super sci-fi’ ‘ridiculously profound’ plan for moon robots—and the stock tanks They bought the rumor and sold the news:
Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway. US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to potentially resume as soon as this week.
A fresh risk-on rally pushed stocks to records on Tuesday. US stocks have clawed their way back to records after a volatile rotation in the AI trade sent investors on a roller coaster ride in July. The Dow Jones Industrial Average and S&P 500 broke through to new highs as traders were encouraged by Treasury
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Saudi Arabia launched airstrikes against Houthi targets in the Yemeni port city of Hodeida and a nearby island on Friday, after the Iran-backed group announced a maritime blockade and attacked Saudi ships. Saudi authorities subsequently issued emergency alerts for Jizan province when the Houthis claimed responsibility for a missile attack on the city of Jizan.