Bloomberg: President Donald Trump said a peace agreement with Iran has been “largely negotiated” and could be announced soon, potentially reopening the Strait of Hormuz — a vital route for global energy shipments that has remained mostly closed since the conflict erupted on Feb. 28.

Trump stated the deal is still “subject to finalization” between the US, Iran, and several regional allies following discussions with leaders from Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, and Israel. Secretary of State Marco Rubio also confirmed that progress has been made, although major issues such as Iran’s nuclear program, sanctions relief, and control of the strait are still unresolved.

Meanwhile, oil prices continue trading above $100 per barrel as Trump faces increasing political pressure ahead of the November midterm elections.

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