On the evening of May 18, global financial markets experienced a sudden, synchronized shift. Gold and silver prices saw a brief surge, while the crude oil market dropped sharply. Major European and U.S. stock indices, along with the FTSE China A50 Index futures, all showed notable upward movements. This pattern is a familiar signal to seasoned market observers, typically linked to developments in U.S.-Iran relations.
The trigger for the market activity was news that the United States has accepted, in its latest negotiation text, the lifting of sanctions on Iranian oil. A source close to the negotiation team informed Iran's Tasnim News Agency that, compared to previous versions, the U.S. has agreed to remove sanctions on Iran's oil sector during the negotiation period. It is important to clarify that this "lifting of sanctions" refers to a temporary suspension. Iran maintains that a complete and permanent removal of all sanctions must be part of any U.S. commitment. However, the U.S. proposal involves providing temporary sanctions waivers through the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury until a final agreement is reached.
In a related development, reports emerged that Iran has established a new body to manage the Strait of Hormuz. According to CCTV News, Iran formed the "Persian Gulf Strait Authority (PGSA)" on May 18. A social media account under the same name appeared online that day, claiming to be the official channel for real-time updates on developments in the Strait of Hormuz. The account's post was shared by the naval forces of Iran's Islamic Revolutionary Guard Corps, though Iranian authorities have not yet made an official statement on the matter.
Furthermore, Iranian Foreign Ministry spokesman Saeed Khatibzadeh stated on the 18th that the current situation in the Strait of Hormuz stems from military actions by the United States and Israel against Iran and their "violations of international law." He added that Iran has taken relevant measures to ensure the security of regional shipping. Khatibzadeh noted that communications with Oman regarding the Strait of Hormuz are ongoing. Simultaneously, Iran has received a series of proposals from Pakistan on the matter, which are currently under review.
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