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Asia-Pacific markets were set to open higher Friday, after news that Iran and Oman were drafting a protocol to “monitor transit” through the Strait of Hormuz raised hopes that the crucial waterway could partially reopen.
Tanker traffic through the key oil-shipping route “should be supervised and coordinated” with the two countries, said Kazem Gharibabadi, Iran’s deputy foreign minister of legal and international affairs, according to Iranian state news agency IRNA.
Oil prices continued to spike, however, with U.S. crude futures
jumping almost 12% to trade at 112.06 per barrel, while global benchmark Brent
