Markets cheer as Hormuz reopening deal nears, but US forces carry out ‘self-defense strikes’ against Iran

Stock futures jumped as oil prices and bond yields fell late Monday following reports that a deal to reopen the Strait of Hormuz was being reached, even as the U.S. military carried out new airstrikes on Iran.

Futures contracts tied to the Dow Jones industrial average jumped 297 points, or 0.58%. S&P 500 futures rose 0.64% and Nasdaq futures rose 0.90%. All three indexes have retreated slightly from previous highs.

U.S. oil futures fell 5.5% to $91.32 a barrel, but also pared wider losses. Gold rose 0.48% to $4,545 an ounce.

The US dollar rose 0.07% against the euro and 0.04% against the yen. The 10-year Treasury yield plunged 7.2 basis points to 4.50%.

Reports over the bank holiday weekend pointed to an emerging deal that would extend the ceasefire by 60 days. At the same time, Iran would allow maritime traffic to flow freely through the Strait of Hormuz, while the United States would lift its naval blockade on Iranian ports.

But the thorniest issues of Iran’s uranium and nuclear program as well as the lifting of U.S. sanctions and the unfreezing of Iranian assets would be taken up in negotiations during the 60-day window.

Although negotiations have not yet begun, President Donald Trump signaled a major concession on the nuclear issue, saying in a social media post that he was open to allowing Iran’s enriched uranium to be destroyed “in another acceptable location” outside the United States.

Renewed fighting on Monday has already tested the fragile situation as explosions rocked the southern port city of Bandar Abbas, near the Strait of Hormuz.

“US forces today conducted self-defense strikes in southern Iran to protect our troops from threats posed by Iranian forces,” a spokesperson for US Central Command told Fox News. “Targets included missile launch sites and Iranian boats attempting to place mines. »

He added that the United States has shown restraint “during the ongoing ceasefire,” indicating that the attacks do not mean the end of the ceasefire.

Sources also separately told Fox that the U.S. military destroyed two Islamic Revolutionary Guard Corps ships that attempted to deploy mines and a surface-to-air missile site in Bandar Abbas that targeted U.S. aircraft.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu said attacks on Hezbollah would intensify, potentially threatening negotiations as Iran insisted any deal would include the Lebanese militant group.

Despite the ceasefire in effect for a month and a half, Israel and Hezbollah have exchanged attacks during this period.

“But we are not taking our foot off the pedal,” Netanyahu said Monday. “On the contrary, I said to press the pedal even more.”

Even if the Strait of Hormuz were opened immediately, it could take two or three months for oil trade and traffic flows to fully resume.

Major oil-consuming countries have released their reserves to offset their deficits, while other countries have adopted strict rationing policies.

But the global economy is running out of time. Jeff Currie, veteran commodities analyst and Carlyle’s director of energy pipeline strategy, told CNBC that Asia was already close to minimum operating levels, or “tank bottoms.”

“I would say, Asia, there you are,” he added. “Europe, give it another month or so and expect July to be a problem in the US”

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