PANews reported on May 7th that, according to Jinshi News, Saudi media Alhadath and Al Arabiya, citing sources, reported that the US and Iran have reached an agreement on gradually opening the Strait of Hormuz in exchange for easing the blockade. The next few hours are expected to see a breakthrough in the situation of ships trapped in the strait. International oil prices briefly plunged, with WTI crude falling more than 3% and Brent crude falling nearly 3% intraday.