Oil prices fell sharply and stocks rose on Monday after American officials said that the United States and Iran had agreed in principle to a peace deal that would reopen the Strait of Hormuz. But final approval of a deal could take days.
The deal would reopen the waterway between Iran and Oman, a vital trading route for oil and natural gas that normally carries up to one-fifth of the world’s oil supply. In addition, Iran would commit to disposing of its highly enriched uranium, said a U.S. official.
Iran’s leaders and official state media have not publicly commented on what a potential agreement would say or what is being discussed.