And the crisis is poised to worsen as global crude oil inventories are depleting at a record pace. The latest: Futures prices from the global benchmark Brent crude are back under

The US and Iran have agreed in principle to a deal that will reopen the Strait of Hormuz and see Tehran surrender its stockpile of highly enriched uranium, a US official has said.

Oil prices have dropped sharply, while most Asian markets moved higher after US President Donald Trump said negotiations to end the conflict with Iran were making progress. Japan’s Nikkei jumped nearly 3%,

Oil fell as senior US officials gave further, positive signals on progress towards a deal with Iran to reopen the Strait of Hormuz. Brent lost as much as 6.2 per cent to US$97.10 a barrel, while West Texas Intermediate was near US$91.

The US officials told reporters that nothing is ready to be signed Sunday as the two sides negotiate on the precise language on key issues and that it may take several days for both sides to get final approval.

Trump said on Saturday that a deal would include the reopening of the Strait of Hormuz, without giving further details.

The United States is nearing a deal with Iran to end the war and reopen the Strait of Hormuz, according to regional officials.

May 25, 2026. U.S. President Donald Trump said Sunday (May 24) he had told his representatives not to rush into