WTI crude fell 6% to $79.56 after Iran refuted Trump's claim of an imminent deal. Bond yields dropped, dollar steadied, equities rose 1%.
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Iran’s foreign ministry denied that a deal to reopen the Strait of Hormuz is imminent, pulling oil prices sharply lower. WTI crude fell 6% to $79.56, and Brent crude dropped 5% to $83.46.
The denial pushed back against President Trump’s claim that an agreement was near. Iran said the arrangement is only between itself and Oman, adding that it is not close to any stage of nuclear talks with the United States. The pattern echoes earlier cycles. A ceasefire deal was reached in June, but tensions flared again in July. Traders now see a repeat of de-escalation, with another turn possible later.
Bond yields eased as the risk premium receded. The 10-year US Treasury yield fell 7 basis points to 4.67%. The move helped keep markets in check at the start of the week.
The dollar steadied after Friday’s decline, which followed joint intervention by US and Japan authorities in USD/JPY. The pair traded down 0.4% to 156.88, well above the session low of 155.23. Other currencies were little changed, with the dollar holding marginal gains on the day. For a broader view of currency moves, see forex market analysis.
European equities rose 1%, and S&P 500 futures gained 0.6%. Tech shares remain under scrutiny, with the Nasdaq likely to lead any directional shift in the days ahead.
Gold was little changed, up 0.2% to $4,047. The metal has been caught between safe-haven demand and the pull of higher yields, moving with each shift in sentiment on US-Iran developments.
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