A tentative agreement to reopen the Strait of Hormuz and initiate nuclear talks faces final language hurdles before US presidential sign-off.
US Vice President JD Vance stated Washington and Tehran are close to finalizing a deal to reopen the Strait of Hormuz and begin nuclear negotiations, though President Donald Trump has not yet approved the memorandum of understanding. Vance noted unresolved language points but expressed optimism about reaching an agreement soon.
Earlier reports indicated a tentative accord had been reached, though details remain unconfirmed. The Strait of Hormuz, a critical chokepoint for global oil shipments, has been a focal point of tensions between the two nations. No prior formal talks have been publicly acknowledged in recent months.
West Texas Intermediate crude fell 0.61% to $87.15 amid the uncertainty, reflecting market sensitivity to geopolitical developments in the region.