(Bloomberg) — US Secretary of State Marco Rubio said there may be \u201csome good news\u201d regarding the blocked Strait of Hormuz in the coming hours, as Iran and Washington press ahead with peace negotiations.<\/p>\n
Most Read from Bloomberg<\/p>\n
\u201cI do think there\u2019s some good news on that front, but not final news,\u201d Rubio told reporters on Sunday during a visit to India. \u201cBut perhaps a little bit later today we\u2019ll have more to say.\u201d<\/p>\n
\u201cSome progress has been made,\u201d Rubio added, speaking alongside Indian External Affairs Minister Subrahmanyam Jaishankar. \u201cI don\u2019t want to downplay that, but I also want to caveat it by saying we still have some work to do.\u201d<\/p>\n
The comments came after US President Donald Trump on Saturday said a deal to start bringing an end to the US-Israeli war on Iran was nearing completion, and that the reopening of the Hormuz strait \u2014 a crucial conduit for global energy \u2014 would be announced shortly.<\/p>\n
\u201cAn Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries,\u201d Trump wrote in a social media post.<\/p>\n
While acknowledging progress, Iranian media and officials have been more circumspect. Washington and Tehran are still at odds over \u201cone or two provisions,\u201d the semi-official Tasnim news agency reported, citing an \u201cinformed source.\u201d The Fars agency, meanwhile, dismissed Trump\u2019s claims as \u201cfar from reality,\u201d without citing anyone.<\/p>\n
Axios reported the pact would involve a 60-day extension of the current ceasefire, during which the strait would be reopened and Iran allowed to sell its oil. Further negotiations would follow on Tehran\u2019s nuclear program, Axios said, citing a US official who wasn\u2019t identified.<\/p>\n
The draft was also said to stipulate that the parallel war between Israel and Iranian-backed Hezbollah in Lebanon would end \u2014 a step Israel may be reluctant to endorse.<\/p>\n
An Israeli official said Prime Minister Benjamin Netanyahu, in a call with Trump late Saturday, emphasized that Israel will maintain freedom of action against threats in all arenas, including Lebanon. The US leader reiterated his support for this principle, the person said.<\/p>\n
Netanyahu will hold security consultations with Israeli officials on Sunday evening, his spokeswoman said, without elaborating on what will be discussed.<\/p>\n
Fars subsequently reported that the release of frozen Iranian funds and waivers on oil and petrochemical sanctions remain among the outstanding issues blocking a final deal.<\/p>\n
The future status of the Strait of Hormuz, through which a fifth of the world\u2019s oil and liquefied natural gas typically flows, remains pivotal. Its effective closing in the wake of the US and Israel launching their war on Iran in late February has spurred a global energy crisis, piling economic pressure on governments far from the Middle East.<\/p>\n
The Islamic Republic has suggested levying ships transiting the strait, and is urging the US to release a \u201csignificant portion\u201d of its assets that are frozen overseas. It\u2019s also rejecting demands to give up its uranium and halt enrichment, insisting it has no intention of building an atomic bomb.<\/p>\n
Pakistan and regional neighbors including the United Arab Emirates, Saudi Arabia, Egypt, Turkey and Qatar have been playing roles in the negotiations that seek to extend a fragile six-week-old ceasefire. Trump on Saturday spoke with some of their leaders about what he called a \u201cMemorandum of Understanding pertaining to PEACE.\u201d<\/p>\n
Speaking Sunday, Rubio touted \u201csome progress over the last 48 hours working with our partners in the Gulf region on an outline.\u201d<\/p>\n
If that succeeds, it could \u201cleave us not just with a completely open straits \u2014 and I mean open straits without tolls \u2014 and with addressing some of the key things that underpin what has been Iran\u2019s nuclear weapons ambitions in the past,\u201d he said.<\/p>\n
Thousands of people have been killed since the conflict erupted, mostly in Iran and Lebanon. Iran responded by targeting Persian Gulf countries with drones and missile attacks.<\/p>\n
The Key Sticking Points for a US-Iran Peace Deal: Explainer<\/p>\n
The UAE has joined Qatar and Saudi Arabia in appealing to Trump to allow more time for negotiations, according to several people familiar with the matter.<\/p>\n
With no end to the conflict, oil prices remain elevated above $100 a barrel. Higher fuel bills in the US are adding to domestic political pressure on Trump to make a deal, particularly ahead of November midterm elections that will determine control of Congress.<\/p>\n
Here\u2019s more related to the Iran war:<\/p>\n
Fars reported that the Islamic Revolutionary Guard Corps said 33 vessels, including oil tankers, container ships, and other commercial ships, crossed the Strait of Hormuz in the past 24 hours in coordination with the IRGC navy.<\/p>\n<\/li>\n
Risk proxies should start the week on a firmer footing on Iran de-escalation hopes but foreign-exchange markets may lag as key details around any deal remain unclear, according to Christopher Wong, forex strategist at Oversea-Chinese Banking Corp.<\/p>\n<\/li>\n<\/ul>\n
–With assistance from Salma El Wardany and Dan Williams.<\/p>\n
(Updates with details on Trump-Netanyahu call in ninth paragraph.)<\/p>\n
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