World stocks hit record highs as traders waited for details on a possible deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire. Oil futures were headed for their steepest weekly decline in nearly two months, reflecting easing geopolitical risk premium in crude. The setup is broadly risk-on for equities and negative for energy prices, with market-wide implications given Hormuz's importance to global oil flows.
World stocks hit record highs as traders waited for details on a possible deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire. Oil futures were headed for their steepest weekly decline in nearly two months, reflecting easing geopolitical risk premium in crude. The setup is broadly risk-on for equities and negative for energy prices, with market-wide implications given Hormuz's importance to global oil flows.
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