Trump insists a peace deal with Iran is imminent, which could reopen the Strait of Hormuz as soon as this weekend.

“The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”

Trump cancels planned Iran strikes and touts an imminent peace deal, sparking a stock rally and tumbling oil prices amid cautious skepticism from Tehran

US president says agreement close as Strait of Hormuz tensions linger