Markets rally hard on Iran’s promise to play nice at Hormuz as its leaders pocket billions from the disruption

Markets breathed a sigh of relief on Thursday after Iran’s state news agency reported the country is drafting a protocol with Oman to monitor and charge tolls on ships transiting the Strait of Hormuz. Deputy Foreign Minister Kazem Gharibabadi told state media the requirements “do not constitute restrictions” but are intended to “facilitate and ensure safe passage.”

Wall Street was heading for a brutal day after President Trump’s speech Wednesday night made clear that the war with Iran would last for at least another month...