Dollar Drifts on Thin Ice: Strait of Hormuz Diplomacy Shakes Markets The world is holding its breath for a breakthrough in negotiations between the US and Iran, but financial markets are exhibiting an eerie calm.
The dollar's descent against major currencies, fueled by hopes of a deal to reopen the Strait of Hormuz, highlights the far reaching implications of even seemingly intractable conflicts on global trade and finance.
The oil price slide, with Brent crude plummeting 5. 8% to $97. 61 a barrel, indicates that markets are pricing in a potential agreement.