June S&P 500 E-Mini futures (ESM26) are up +0.98%, and June Nasdaq 100 E-Mini futures (NQM26) are up +1.64% this morning, pointing to a sharply higher open on Wall Street as sentiment got a boost after U.S. President Donald Trump signed a preliminary agreement to end the Iran war.
The price of WTI crude fell over -2% on Thursday as investors wagered on a swift reopening of the Strait of Hormuz. President Trump told reporters that he signed the interim agreement with Iran at the Palace of Versailles near Paris, where he had dinner with French President Emmanuel Macron. Trump and his Iranian counterpart, Masoud Pezeshkian, signed the so-called memorandum of understanding on Wednesday, ahead of the previously scheduled Friday signing. The 14-point framework calls for Tehran to reopen the Strait of Hormuz after Washington lifts its blockade of Iranian ports and removes sanctions on Iranian oil sales. In an early indication that the shipping industry is responding to the deal, some oil and gas tankers began passing through the Strait of Hormuz, including vessels owned by Saudi Arabia’s state-run tanker company.
