PANews reported on May 25th that, according to Jinshi, as market optimism grew regarding an impending agreement to reopen the Strait of Hormuz and resume oil shipments, risk appetite rebounded, causing oil prices and the US dollar to fall, while US stock index futures rose. WTI crude oil fell more than 5% in early trading, while risk-sensitive currencies such as the Australian dollar and South African rand led the gains against the US dollar. S&P 500 futures also rose, after the benchmark index closed near its record high on Friday. Senior US officials said on Sunday that the US and Iran were close to reaching an agreement to reopen the Strait of Hormuz, but the two sides were still negotiating key wording, and final approval could still take several days. Iran's semi-official Tasnim News Agency warned that the draft agreement could collapse because the US was creating obstacles on some key terms, including Iran's demand to unfreeze its assets. IG's Sydney-based analyst, Tony Sicamor, wrote in a report to clients: "The upward momentum in the market last Friday looks set to continue. While any agreement could still fall apart, for now, financial markets seem inclined to believe these reports."