Iran/Oman Hormuz Plan Extends Oil's Losses, As Retaliation Against U.S. Sanctions Is Ignored

Summary

A reported joint plan between Iran and Oman regarding the Strait of Hormuz is contributing to a decline in oil prices, suggesting the market is discounting threats of Iranian retaliation against US sanctions. This geopolitical development is being interpreted as a factor that could ease supply concerns through the critical chokepoint.