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As I write on Wednesday, oil prices are down about 4% on reports that a U.S.-Iran framework deal could restore traffic through the Strait of Hormuz within a month of a final agreement.
Iranian state television claimed to have a copy of a draft memorandum of understanding, in which Tehran commits to return commercial shipping to prewar levels – though Iran and Oman would jointly manage traffic through the strait, and U.S. forces would withdraw from the area.
As I write, stocks are wavering near record highs as traders weigh whether the deal will actually close.
