Here are the top stories from global financial media overnight and this morning:
1. U.S. Lifts Blockade of Strait of Hormuz, Initiates 60-Day Talks with Tehran
A temporary peace agreement between the U.S. and Iran has taken effect, leading to the resumption of shipping through the Strait of Hormuz. Washington announced the end of its blockade, and complex negotiations concerning Tehran's nuclear program have formally commenced.
U.S. Vice President JD Vance told reporters at the White House that the 60-day consultations on contentious details within the agreement have begun. The so-called memorandum of understanding was signed late Wednesday.
He downplayed concerns that Iran might eventually impose tolls on shipping through the Strait of Hormuz, which would turn the chokepoint widely considered international waters into a revenue source for Tehran.
"First, we believe international waterways should be toll-free," Vance stated, noting that countries in the region "will jointly develop an appropriate security framework for the future of the strait."
2. Vance Sidesteps Question on Iran Strait Tolls, Leaving Shipowners in the Dark
U.S. Vice President JD Vance did not directly address questions about whether Iran might be able to charge fees to ships transiting the Strait of Hormuz in the future. This has become a major concern for the oil and shipping industries and Gulf oil-producing nations as the vital waterway reopens.
The U.S. and Iran signed a memorandum of understanding on Wednesday, stipulating 60 days of safe, free passage for commercial vessels. After that, Iran and Oman, along with other Persian Gulf nations, are scheduled to begin discussions on the future management and maritime services for the strait.
Shipowners, Washington's allies in the Gulf, and oil companies are closely watching the outcome. For months, they have argued that tolls on vessels using the Strait of Hormuz should not be tolerated, warning it would violate international maritime law and set a dangerous precedent that could be emulated elsewhere.
3. Wall Street Banks Reportedly Preparing Potential Bond Sale of at Least $20 Billion for SpaceX
Following its record-breaking initial public offering, the underwriters for Elon Musk's SpaceX are preparing to hold investor calls as early as next week regarding a potential bond issuance, according to people familiar with the matter.
The bond sale is expected to be at least $20 billion, with the calls potentially starting as soon as Monday, the sources said. However, they noted that specific plans and timing are still subject to change. The people requested anonymity as they were not authorized to speak publicly.
The conglomerate, whose businesses span rockets, satellites, and artificial intelligence, plans its first investment-grade U.S. dollar bond offering. The proceeds would be used to refinance a $20 billion bridge loan maturing in September 2027.
4. Amazon in Talks to Sell AI Chips to Third-Party Data Centers, Challenging Nvidia's Dominance
Amazon.com is in discussions to sell its custom artificial intelligence chips to other companies' data centers, a move that would further challenge Nvidia's dominant position.
Peter DeSantis, head of Amazon's AI business, stated that the world's largest cloud computing company has initiated these discussions but declined to name potential clients.
"In our view, AI infrastructure is evolving very rapidly, and we are always looking for ways to serve more customers," he said in an interview in Paris.
5. U.S.-Iran Deal Unlocks Iranian Oil Exports, Could Quickly Boost Global Supply
With the U.S. and Iran reaching a deal this week aimed at ending the war and lifting the American maritime blockade, Iran sees an opportunity to swiftly resume oil exports. While providing a timely respite for Iran, Tehran's increased production could add to downward pressure on oil prices.
Two Iranian oil officials stated that, compared to other oil producers affected by the war, Iran's production cuts have been far less severe, positioning it for a rapid recovery in crude output and exports. The memorandum of understanding signed by Iran and U.S. President Donald Trump on Wednesday will immediately terminate the U.S.-imposed maritime blockade, which was a retaliatory measure for Iran's closure of the Strait of Hormuz.
Iran could quickly add over 1% to global crude supply. Oil prices have already fallen sharply in recent weeks on expectations of a potential peace deal. For Iran, increased oil sales would provide relief for an economy long battered by sanctions and currency depreciation. According to the memorandum, the U.S. stated it would lift sanctions after a final agreement is reached between the parties.
6. OPEC Sees No Peak Yet for Global Oil Demand, Energy Security Trumps Climate Concerns
OPEC still sees no peak in sight for global oil demand, projecting "robust growth" as governments in the U.S., Europe, and elsewhere prioritize energy security and affordability alongside climate goals.
"An increased focus on energy security and affordability has changed the global energy policy landscape," OPEC said. "In many cases, these shifts reflect a reversal, delay, or cancellation of previously set ambitious goals and commitments aimed at reducing oil demand."
In its annual World Oil Outlook, OPEC stated that oil demand is expected to rise from 105.1 million barrels per day in 2025 to 113.3 million barrels per day by 2030, reaching 124.1 million barrels per day by 2050.
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