On May 26, 2026, geopolitical negotiations between the United States and Iran achieved a key breakthrough, and the two sides reached a framework memorandum of understanding. The agreement includes four core clauses: ceasing all frontline conflicts, fully resuming shipping in the Strait of Hormuz within 30 days, lifting the US maritime blockade on Iran, and unfreezing 25 billion US dollars of Iran’s overseas frozen assets. As one of the world’s most critical energy shipping channels, the Strait of Hormuz undertakes nearly 30% of global crude oil transportation. The long-term blockade of the strait has triggered continuous tight supply expectations and pushed international oil prices to remain high, bringing persistent inflation pressure to the global economy. The breakthrough of US-Iran negotiations completely reversed the market’s risk sentiment. Affected by the news, global crude oil prices plunged sharply, with WTI crude oil falling by more than 6% intraday, erasing most of the previous geopolitical risk premiums. The easing of energy supply risks has significantly cooled global inflation expectations, reducing the policy pressure on major global economies to maintain high interest rates. In addition, emerging market stock and foreign exchange markets rebounded across the board. The improvement of the global energy supply pattern has alleviated the imported inflation pressure and capital outflow risks of emerging economies, greatly improving global market risk appetite. Market analysts believe that the resumption of shipping in the Strait of Hormuz will stabilize the global energy supply and demand balance, help curb global inflation, and create a better macro environment for global economic recovery and financial market stability.