However, US President Donald Trump cautioned that there was “no rush” to finalise a deal, adding that the US would maintain its blockade of the Strait of Hormuz until a formal agreement had been concluded.
Hopes of a peace deal between the United States and Iran sent oil prices sharply lower on Monday, with Brent crude futures falling nearly 5% to trade below the psychologically important $100 per barrel level.
The decline extended last week’s losses as reports suggested Washington and Tehran were moving closer to an agreement that could ease tensions in the Middle East and potentially reopen the Strait of Hormuz — one of the world’s most critical energy shipping routes.
According to reports, the proposed agreement could include the reopening of Hormuz, the release of frozen Iranian assets and further negotiations aimed at limiting Tehran’s nuclear programme.
However, US President Donald Trump cautioned that there was “no rush” to finalise a deal, adding that the US would maintain its blockade of the Strait of Hormuz until a formal agreement had been concluded.
