Hope of Re-Opening the Strait of Hormuz Fades and Markets Test Resolve of Putting Floor Under the Yen

US officials have been playing up the possibility of a near-term agreement with Iran. The market remains skeptical and has extended the recovery in oil prices. Brent futures are rising for a fifth session and reached $90 a barrel, a seven-day high. September WTI is up nearly $2 today, after rising nearly $4 yesterday and $3 in the last two sessions of last week. Rising oil prices are helping lift…