If the Strait of Hormuz truly restarts, risk assets can finally catch their breath—but the word “near” has gotten so overused that it’s starting to give me ear fatigue. I’ll observe first; don’t chase the highs.

ME News reports on May 25th that optimism about reopening the Strait of Hormuz is increasing, with oil prices and the US dollar weakening, risk appetite rising, and stock index futures climbing. The US side says an agreement is close, but key wording is still under negotiation, and final approval may take several days. Iran warns that the draft may collapse due to US obstacles in clauses such as asset unfreezing. Analysts say the upward momentum may continue, and the market tends to believe the reports.