Reuters: Iran drafting conditions for reopening Strait of Hormuz after Qatar PM raises navigation concerns

Reuters reports Iran is preparing conditions to reopen the Strait of Hormuz after pressure from Qatar's PM on freedom of navigation. Any restrictions or conditional reopening of this chokepoint elevates near-term geopolitical risk premia in energy markets, increasing sensitivity to shipping disruptions and insurance costs. Brent crude is the most directly exposed, with potential spillovers to broader risk assets if tensions escalate.