Daily brief
Oil prices fell and global stock markets rallied after the United States and Iran agreed to a two-week ceasefire. The deal includes a provision to reopen the Strait of Hormuz, a critical waterway for global oil shipments that had been disrupted during the recent conflict. Shipping giant Maersk expressed caution, stating it was not immediately resuming normal operations in the strait despite the agreement. Hedge funds recorded some of their worst losses since the COVID-19 pandemic amid the market turmoil.
Iran has proposed collecting tolls for passage through the Strait of Hormuz, a plan rejected by Oman and other nations as a violation of international trade norms. President Donald Trump made comments suggesting he viewed a potential joint venture with Iran on toll collection as 'a beautiful thing.'
President Trump announced plans to impose 50% tariffs on countries that supply weapons to Iran, without naming specific nations.
India is set to receive its first shipment of Iranian oil in seven years, while Chinese independent refiners are rushing to secure Iranian crude following recent price declines.
The Trump administration is exploring punishment for NATO countries that did not support the US military campaign against Iran, according to an exclusive report.