Analysis: With the Strait of Hormuz open, the market can return to a “pre-war mentality”

Crude oil prices plummeted, with West Texas Intermediate dropping 13% to $82 per barrel. Cudzil said that this decline "will allow the market to look through the recent inflation shock." According to CME Group's "FedWatch" tool, the probability of the Federal Reserve cutting rates at least once before December has risen from 30% yesterday to 50%. The probability of maintaining the current interest rates is 50%, lower than the previous 71%. The yield on the 10-year US Treasury note stands at 4.236%, poised to reach the lowest settlement level in a month.