On May 7, Jin10 reported that market investors have lowered their expectations for interest rate hikes by the Bank of England, following speculation that the United States and Iran may reach a peace agreement. According to Jin10, reports indicate that US-Iran negotiations are ongoing and could lead to the reopening of the Strait of Hormuz. This news has impacted Brent crude oil prices, which fell by 3.5%. Data from LSEG shows that the market currently anticipates a cumulative 50 basis point rate hike by the Bank of England in 2026, down from the 66 basis points priced in before the news of the US-Iran talks.