[MARKET UPDATE] Pressure seen in the crude complex, DXY & upside in US equities after a report suggests Iran is drafting a protocal with Oman for Strait of Hormuz traffic

The news of Iran drafting a protocol with Oman regarding Strait of Hormuz traffic has introduced upward pressure on US equities while simultaneously applying downward pressure on crude oil prices and the DXY. This suggests a potential easing of geopolitical tensions, which can be interpreted as a risk-on environment, benefiting stocks but negatively impacting energy prices given the significance of the Strait for oil transport and supply stability.