Report Claims US and Iran Reach Consensus on Aviation, International Oil Prices Plunge by 4%

According to Saudi media outlets Alhadath and Al-Arabiya, the U.S. and Iran have reached an exchange agreement to restore passage through the Strait of Hormuz, with the maritime blockade alert set to be lifted. The reports also indicate that a breakthrough is expected for the situation of the stranded vessels in the strait within the next few hours. Market risk aversion sentiments rapidly dissipated, causing a sharp decline in international oil prices, with WTI crude oil experiencing a drop of over 4% intra-day and Brent crude oil falling by more than 3.5%, losing its position above $97 per barrel. European natural gas prices also saw a temporary decrease of 5.5%.

Additionally, as reported by Israel's Channel 12, Iran has agreed to transfer its 60% enriched uranium stocks to an as-yet undetermined third country.