Saudi Media: US and Iran Reach Agreement, Breakthrough Expected in the Next Few Hours in the Strait

BlockBeats News, May 7th, according to Saudi media Alhadath and Al Arabiya: Sources say the US and Iran have reached a consensus on gradually opening the Strait of Hormuz in exchange for easing the maritime blockade. The next few hours will witness a breakthrough in the situation of the stranded ships in the strait.

International oil prices experienced a sharp drop, with WTI crude oil falling over 3% intraday, and Brent oil dropping nearly 3%. International gold and silver prices continue to rise, with spot gold surpassing $1750 per ounce and silver surpassing $79 per ounce.