The expected resumption of navigation in the Strait of Hormuz has driven oil prices down, while German and British government bonds continue to rise.

As market expectations for the Strait of Hormuz to reopen soon rise and oil prices continue to decline, the bullish trend in German and UK government bonds steepens. The yield on Germany's 10-year government bonds fell by 5 basis points to 3.10%, while the yield on the UK's 10-year government bonds decreased by 4 basis points to 4.91%. Brent crude oil has fallen below $80 per barrel for the first time since July 13. The interest rate swap market indicates that traders expect the European Central Bank to raise rates by a cumulative 37 basis points by the end of the year, and the Bank of England to increase rates by a cumulative 26 basis points this year.