South Korea is reportedly in negotiation with Iran to pass ships through Hormuz; "The South Korean Ship Owners' Association has also proposed to pay tolls for passing through the Strait of Hormuz to Iran as a short-term solution", Fars reports
This development suggests a potential easing of tensions in a critical shipping route, which could positively impact energy markets and related currencies.
Dubai Economic Development Corporation CEO says Dubai is looking to sign ‘a few’ US investment deals this quarter
White House Economic Advisor Hassett says the increase in oil prices will reverse, adds there is room for Fed to cut, Bloomberg reports
South Korea is reportedly in negotiation with Iran to pass ships through Hormuz; "The South Korean Ship Owners' Association has also proposed to pay tolls for passing through the Strait of Hormuz to Iran as a short-term solution", Fars reports
Shell (SHEL LN) shuts down 200k bpd crude unit at its Dutch Pernis refinery, Reuters reports citing Genscape
US Treasury Secretary Bessent says the Treasury is to target cartel revenue streams including fentanyl and illegal alien trafficking
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- "The South Korean Ship Owners' Association has also proposed to pay tolls for passing through the Strait of Hormuz to Iran as a short-term solution to end the deadlock".
Should the negotiations lead to successful toll agreements, it might alleviate disruptions in oil supply, thereby affecting commodities and forex markets, particularly currencies tied to oil consumption or production.
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