Since Monday, U.S. and Iranian officials have reported significant progress toward a peace deal to end their war, though President Trump cautioned that a final signature is not yet imminent.
The emerging framework proposes a 60-day ceasefire extension and the reopening of the Strait of Hormuz, which currently blockades a third of the world's sea-borne oil. Sticking points include Iran's demand for $12 billion in frozen assets held in Qatar and U.S. insistence on the total destruction of enriched uranium. Secretary of State Marco Rubio warned that the vital shipping route will reopen through diplomacy or military force following recent U.S. strikes.
Negotiators from Pakistan and Qatar are now racing to finalize the wording as global markets react with a sharp drop in oil prices.
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