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Electrification & Mobility
Lucid Group IncS&P 500 Edges Higher on Iran-Oman Strait of Hormuz Deal
GeopoliticsCommodity Impact 4
The S&P 500 edged higher Thursday after Iran and Oman reached an agreement in principle over commercial traffic through the Strait of Hormuz, giving investors fresh hope that a major threat to global oil supplies could ease. The S&P 500 was up about 0.1% in early trading. Under the proposed arrangement, inbound commercial vessels would travel through Iranian waters while outbound ships would use Omani waters with Tehran's approval, a temporary framework lasting 60 days that could be extended. However, the deal does not amount to a complete reopening of the waterway, and final approval remains uncertain as Iranian President Masoud Pezeshkian said communication with Supreme Leader Mojtaba Khamenei is very difficult. Roughly 25% of global seaborne oil trade passed through Hormuz in 2025, and optimism surrounding the talks helped keep Brent crude near $80, though shipping-industry representatives warned that sanctions and insurance restrictions could prevent vessels from complying with Iranian requirements.
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