Dax poised for higher open - Strait of Hormuz in focus

The conflict in the Middle East remains the primary focus. According to insiders, Iran is considering a partial reopening of the Strait of Hormuz in negotiations with the U.S. This marks the first time the Islamic Republic has moved away from its maximalist demands. Previously, the government in Tehran sought to impose transit fees for the international waterway and claim sovereignty over the strait. A two-week ceasefire has been in effect since April 8. The war has caused the largest disruption to global oil and natural gas supplies to date. Iran has been blocking traffic through the strait, which accounts for approximately 20 percent of global oil and liquefied natural gas exports. On Monday, the U.S. also imposed a blockade on oil tankers leaving Iranian ports.