September S&P 500 E-Mini futures (ESU26) are up +0.37% this morning, signaling a new record high for the benchmark index as hopes for a U.S.-Iran deal to reopen the Strait of Hormuz continue to buoy sentiment.
Axios reported that the U.S., Iran, and Oman were close to reaching an interim 60-day agreement to reopen the Strait of Hormuz, with Washington aiming to announce the deal later Wednesday. The proposal would impose no tolls or fees, with inbound vessels using a northern lane and outbound traffic using a southern one. Still, the price of WTI crude reversed earlier losses and rose more than +1% on Wednesday after Yemen’s Houthi group threatened to intensify attacks on Saudi vessels in the northern Red Sea.
