WorldUS, Iran Said to Explore Deal to Reopen Hormuz as Saudi Oil Exports Hit War-Time High

The US and Iran are reportedly exploring a phased agreement to reopen the Strait of Hormuz as diplomatic efforts gather pace, although previous negotiations have repeatedly collapsed. Oil prices fell and bonds steadied while Saudi crude shipments surged, pushing the kingdom’s exports above 5 million barrels a day, despite risks to flows through Hormuz and the Red Sea.