US and Iran Near Deal to Reopen Strait of Hormuz as Brent Crude Tumbles 6%

The US and Iran are closing in on a deal to reopen the Strait of Hormuz, with global crude benchmark Brent tumbling about 6% to its lowest in more than two weeks on Monday as expectations grew that an agreement may be near, according to Bloomberg. US Secretary of State Marco Rubio told reporters in New Delhi he was "very confident" any deal would be a strong one, though officials cautioned that nothing is ready to be signed and final approval could take several days. The proposed pact would lift the US blockade, with Iran agreeing in principle to dispose of its highly enriched uranium, though the draft does not contain an explicit ban on enrichment nor address Iran's missile stockpile. The US does not plan to unfreeze Iranian assets under the current proposal. Iran's Tasnim news agency reported the draft could still collapse over outstanding clauses. Axios reported the deal would include a 60-day ceasefire extension and an end to the Israel-Hezbollah conflict in Lebanon.