US Says Iran Deal Is Near As Oil Prices Fall
Global energy markets eased on Monday after senior US officials suggested that a possible agreement with Iran could be reached soon, raising hopes of an end to months of conflict and stabilisation in the Middle East.
US Secretary of State Marco Rubio said discussions between Washington and Tehran were progressing in a “constructive” direction and indicated that a framework deal could emerge quickly, though he warned that negotiations were still ongoing.
Rubio said a proposal on the table appeared strong, particularly around arrangements linked to maritime access through the Strait of Hormuz, a critical route for global oil and gas shipments.
He added that while momentum was building, the timing of any final agreement remained uncertain.
The remarks contributed to a sharp drop in global crude prices, with Brent oil falling to a two-week low as traders reacted to growing optimism that a breakthrough could ease tensions and reopen key shipping lanes.
US President Donald Trump also described the talks as “orderly and constructive,” stressing that his administration was not rushing the process.
He said existing restrictions on Iranian shipping would remain until a final agreement is reached and formally approved by both sides.
Market sentiment improved further as investors bet that a deal could reduce supply disruptions linked to the ongoing crisis, particularly concerns around the Strait of Hormuz, through which a significant share of global oil trade passes.
However, the developing negotiations have drawn criticism in Washington.
Former Secretary of State Mike Pompeo argued the reported framework closely resembles earlier nuclear arrangements, while Senator Chris Van Hollen warned it may amount to little more than a return to pre-war conditions.
Despite the debate, financial markets continue to track the talks closely, with analysts noting that even a partial breakthrough could significantly ease pressure on global oil supply chains.
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