Oil prices are down and stocks are up, buoyed by hopes of a US-Iran deal to end the war and reopen the Strait of Hormuz.

US President Donald Trump flagged progress in talks with Iran, Tehran has warned that major gaps still stand in the way of dialing down the conflict.

President Donald Trump says a deal with Iran on the war, including opening the Strait of Hormuz, has been “largely negotiated” after talks with regional allies.