Markets on Wall Street were poised to follow global markets sharply higher after a tentative deal was announced on ending the Iran war and reopening the Strait of Hormuz, while oil prices fell close to $5 a barrel. Futures for the S&P 500 climbed 1.3% before the opening bell Monday, while futures for the Dow Jones Industrial Average gained 0.9%, Nasdaq futures jumped 1.3%. Brent crude oil, the international standard, fell $4.28 to $83.05 per barrel. U.S. benchmark crude lost $4.55 to $80.33 per barrel. Those are the lowest levels since the opening days of the war, which began in late February.
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The United States and Iran have reached an initial agreement to end the war and reopen the Strait of Hormuz. It could allow desperately needed oil and gas to reach the global market, giving relief to the global economy more than three months since fighting began. Details of the deal were not immediately available. Iran signaled that implementation would not start until the signing. Pakistan says that will be Friday in Switzerland. U.S. President Donald Trump confirms the deal and has authorized an end to the U.S. naval blockade of Iranian ports. Iran’s deputy foreign minister also confirms the agreement. Broader negotiations on issues like Iran’s nuclear program are expected to continue.
WASHINGTON (AP) — The tanker disabled by the American military while trying to run the U.S. blockade of Iran had dismissed nearly 60 verbal wa…
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DUBAI, United Arab Emirates (AP) — U.S. President Donald Trump said Thursday he had called off new military strikes on Iran, claiming a breakt…
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The U.S. military says Iran fired missiles at Kuwait and Bahrain that failed or were shot down, and that the U.S. launched strikes on an Iranian facility in response. The attacks happened after Iran stopped communicating with mediators about extending a ceasefire in the war with the U.S. and Israel, according to reports Tuesday from two semiofficial Iranian news agencies. President Donald Trump disputed the claim and said talks were continuing. The reports come as Iran insists the fighting in Lebanon is part of the wider ceasefire talks with the United States over the war. Israel and the U.S. maintain Israel's fighting against Hezbollah in Lebanon is separate from the Iran war talks.
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The U.S. military says it stopped another commercial vessel trying to break through the U.S. blockade of Iranian ports. The military said on Saturday that the Gambia-flagged bulk carrier Lian Star ignored multiple warnings from U.S. forces overnight and so its engine room was struck with a missile. The ship remains adrift in the Gulf of Oman. The U.S. launched the blockade on April 17 in response to Iran effectively closing the strait after the war began with U.S. and Israeli strikes on Feb. 28. A fragile ceasefire has held since April 7, with discussions ongoing about extending it.
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Regional officials say the United States is close to a deal with Iran to end the war and reopen the Strait of Hormuz. President Donald Trump said negotiations are proceeding constructively but he advised not rushing into a deal. The regional officials say the agreement would see Iran give up its stockpile of highly enriched uranium. The strait's reopening would happen in parallel with the U.S. lifting its blockade of Iranian ports. That would begin to ease the global energy crisis. The deal would also end the war between Israel and Hezbollah, though Israel remains concerned about Hezbollah's threat.