Iranian navy talks up possible safe transit through Strait of Hormuz as US threats recede

The Iranian navy's statement regarding potential safe transit through the Strait of Hormuz, amid receding US threats, has triggered a plunge in oil prices and a rally in risk assets. WTI crude has fallen nearly 12% to $90.30, with expectations of further declines towards the $80-90 range. US stock markets are rising, and Treasury yields are decreasing, reflecting a positive outlook.