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Bloomberg reports that President Donald Trump said a peace deal with Iran has been "largely negotiated" and he plans to announce an agreement shortly that would reopen the strategic Strait of Hormuz, a crucial passageway for global energy supplies that has remained largely shuttered since the conflict began on Feb. 28. Trump wrote in a Saturday social media post that the agreement is "subject to finalization" between the US, Iran, and other countries, after meeting with advisers and speaking with leaders from Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, and Israel. Secretary of State Marco Rubio said "there's been some progress" and an announcement could come in coming days, though key sticking points including Iran's nuclear program, sanctions relief, and administration of the strait remain unresolved. Oil prices have remained elevated above $100 a barrel, and Trump faces growing domestic political pressure ahead of November's midterm elections.