U.S. stocks experienced a notable surge and oil prices fell significantly following remarks from Treasury Secretary Scott Bessent suggesting a potential agreement with Iran to reopen the Strait of Hormuz could be imminent.
Bessent stated that the United States could reach such a deal with Iran “today or tomorrow,” a development that appeared to catalyze the market's positive reaction. The prospect of the Strait of Hormuz, a critical chokepoint for global oil shipments, being reopened likely contributed to the sharp decline in oil prices. Markets often react favorably to perceived de-escalations in geopolitical tensions that could impact supply chains and energy costs.