The U.S. dollar has strengthened as expectations grow that oil trade through the Strait of Hormuz will return to normal, but markets may focus on potential risks until a U.S.-Iran agreement under discussion is signed.

According to Jin10, Goldman Sachs analysts said attention is also likely to center on how quickly tanker flows recover.

The analysts noted that after the 2022 energy shock, pressure on terms of trade persisted for a long time after commodity prices peaked.

Goldman Sachs added that central bank decisions due in the coming days are unlikely to change because of the still-uncertain possibility of a U.S.-Iran deal.