Iran Offers Two-Day Hormuz Reopening; Brent Waits at $113
Markets are closed today; New York exchanges reopen Monday, November 2, at 9:30 a.m. ET (5:30 p.m. in Istanbul). The weekend's market-moving news came from the Strait of Hormuz.
Iranian Foreign Minister Abbas Araghchi said on Sunday that talks with Qatari mediators are under way on a plan to reopen the strait within two days. Qatar proposed cutting the implementation period from five days to two. The condition is that Washington meets Tehran's demands.
The demands include lifting sanctions, reducing U.S. forces in the region and releasing frozen Iranian funds. Iran's senior security official Rezaei said there would be no reopening unless seven conditions are met. President Trump confirmed talks are continuing but called Iran not very reliable.
Brent rose 2.4% on Friday to settle at $113.43, a price that reflects a closed strait. The proposal emerged after Friday's close, so it is not yet priced.
In the last session (October 30), the Nasdaq 100-tracking QQQ fell 3.47%, the S&P 500-tracking SPY 1.77% and the Dow-tracking DIA 1.07%. The Russell 2000-tracking lost 1.65%; 's warning and chipmakers were at the center of the selloff.