Brent crude falls 7.4% intraday; S&P 500 rises 0.6%

Brent crude fell as much as 7.4% intraday while the S&P 500 rose 0.6% on Tuesday, recovering part of last week's losses after reports that Iran conditionally planned to reopen the Strait of Hormuz. As of 1:45 a.m. KST Wednesday, Brent traded at $105.03 per barrel, with the Nasdaq Composite up 0.7% and the Dow Jones Industrial Average up 1%, per AP. The S&P 500's rebound followed three consecutive weekly declines and narrowed its distance from its all-time high to 2.5%. The most actively traded Brent contract had been trading between roughly $70 and $120 per barrel since just before the war began. The intraday moves suggest markets are pricing in reduced supply-disruption risk from the Strait of Hormuz; watch whether the reopening plan materializes and whether oil's retreat holds through the close.