Topline<\/p>\n
Secretary of State Marco Rubio said on Monday that the U.S. could have some news to announce \u201cmaybe today\u201d on a deal with Iran, but reiterated President Donald Trump\u2019s remarks about not being in a hurry, as optimism about a potential peace agreement caused global stocks to soar and oil prices to plummet. <\/p>\n
US Secretary of State Marco Rubio speaks to journalists before boarding his plane at Indira Gandhi International Airport in New Delhi.<\/p>\n
POOL\/AFP via Getty ImagesKey Facts<\/p>\n
Rubio, who is on a diplomatic trip to India, told reporters<\/a> in New Delhi that work on the deal was still in progress and he thought they might have had some news last night or \u201cmaybe today.\u201d<\/p>\n The secretary of state said he believes there is a \u201cpretty solid thing on the table in terms of their ability to open up the straits\u201d and enter into a \u201ctime-limited negotiation\u201d on nuclear matters.<\/p>\n When asked what the holdup was, Rubio said<\/a> it was just the response, as it takes the Iranian system \u201ca little while longer to get back.\u201d<\/p>\n Rubio claimed the deal has broad support in the Gulf and around the world, but repeated Trump\u2019s comments about not wanting to rush into an agreement or sign a \u201cbad deal.\u201d<\/p>\n The secretary of state said the U.S. will give diplomacy \u201cevery chance to succeed\u201d before exploring any \u201calternatives.\u201d<\/p>\n He then warned that the U.S. would either have a good agreement or \u201cdeal with it another way,\u201d but noted that Washington would prefer a \u201cgood agreement.\u201d<\/p>\n How Have Markets Reacted?<\/p>\n While U.S. markets are closed for Memorial Day, stocks in Europe and Asia soared on Monday amid optimism about a potential end to the Iran war and reopening of the Strait of Hormuz. Japan\u2019s benchmark Nikkei 225 index soared 2.87%, while South Korea\u2019s KOSPI rose 0.41%, Hong Kong\u2019s Hang Seng climbed 0.86% and India\u2019s BSE Sensex bounced up 1.2%. In Europe, Germany\u2019s DAX Index rose 1.08%, while France\u2019s CAC 40 climbed 1.07%.<\/p>\n How Has The Price Of Oil Been Impacted?<\/p>\n The global oil benchmark Brent Crude Futures fell to $98.60 per barrel on Monday morning, down nearly $5 compared to the end of last week. The U.S. benchmark West Texas Intermediate also fell more than $4.50 cents to $91.95 per barrel. According to Bloomberg, at least one super tanker carrying crude oil from Iraq was able to cross the Strait of Hormuz<\/a> over the weekend and is now heading towards China. Abu Dhabi\u2019s state owned oil company has also reportedly<\/a> used its own tankers to slip shipments of oil out of the strait which is blockaded both by Iran and the U.S.<\/p>\n What Have Iranian Officials Said?<\/p>\n When asked about comments made by U.S. officials, including Trump, Iranian Foreign Ministry spokesperson Esmaeil Baqaei told reporters on Monday<\/a>: \u201cWe have far more important matters to deal with, and if we spend our time responding to the other side\u2019s tweets, photos, and media posts, we won\u2019t be able to focus on those priorities.\u201d He added: \u201cWhenever necessary, we will respond. We have our own style and approach, and we are not going to imitate the enemy\u2019s methods.\u201d On Sunday, Iranian President Masoud Pezeshkian on Sunday<\/a> said his country is \u201cready to assure the world we do not seek nuclear weapons.\u201d<\/p>\n Further Reading<\/p>\n