Oil prices (CL=F, BZ=F) are sinking lower on Wednesday — WTI crude oil dropping below $90 per barrel — on reports that the US and Iran could finally be nearing a peace deal that could fully restore Strait of Hormuz traffic within a month.
Fidelity Investments director of global macro Jurrien Timmer addresses the broad stock market (^DJI, ^IXIC, ^GSPC) sentiment around the extensive US-Iran war and the influence that oil is having on bond yields (^TYX, ^TNX, ^FVX).