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Iran Deal Finalized: Strait of Hormuz Reopening to Weigh on Oil, CAD
The US-Iran nuclear deal enters a 60-day implementation phase with Hormuz reopening in focus. Oil-linked currencies face headwinds as crude supply risk fades. Here is the setup to track.
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Trump said the Iran deal should be successful and confirmed the text of a memorandum of understanding is finalized, awaiting a formal signing ceremony in Geneva. The agreement pushes the nuclear file into a second stage focused on verification and sanctions relief. Technical details on uranium stockpiles, enrichment limits, and inspection mechanisms remain unresolved and are expected to dominate the next 60 days of talks.
For markets, the headline is the expected reopening of the Strait of Hormuz. Normal traffic could resume in the coming months. That shift undercuts the oil risk premium that has supported crude prices and, by extension, oil-linked currencies. The Canadian dollar and Norwegian krone, which have drawn support from elevated supply fears, could give back some of those gains. A softer crude outlook also removes a tailwind for the ruble, though sanctions dynamics complicate that relationship.