US Secretary of State Marco Rubio stated on Monday that a deal to end the three-month war with Iran could be reached as early as "today." His remarks came amid a sharp drop in oil prices and a rise in Asian shares, fueled by growing optimism that the United States and Iran are nearing an agreement that could secure a lasting end to the conflict and reopen the strategic Strait of Hormuz.
Oil Prices Hit Two-Week Low
Brent crude futures fell 4.5% to $98.83 a barrel by 11:50 PM GMT, marking a two-week low. The decline was driven by hopes that a deal would ease tensions and restore the flow of oil through the Strait of Hormuz, a vital conduit for global energy supplies.
Speaking to journalists in New Delhi during an official visit to India, Rubio said, "We thought we might have some news last night, maybe today – I wouldn't read too much into it." He added, "We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits. It has a lot of support in the Gulf."
Trump Tempers Expectations
Rubio's comments came shortly after President Donald Trump tempered expectations, stating on Sunday that he had instructed his negotiators "not to rush." Trump described the negotiations with Iran as "proceeding in an orderly and constructive manner." He also emphasized that the US blockade on Iranian ships in the Strait of Hormuz would "remain in full force and effect until an agreement is reached, certified and signed."
Middle Eastern officials told the Associated Press on Sunday that the US was close to finalizing a deal with Iran that would end the war and reopen the strait. However, critics, including former Secretary of State Mike Pompeo, argued that the proposed agreement offers little beyond the 2015 Iran nuclear deal negotiated by former President Barack Obama, from which Trump withdrew during his first term.
Criticism of the Deal
Democratic Senator Chris Van Hollen, a member of the Senate Foreign Relations Committee, criticized the reported outlines of the deal, claiming they would amount to little more than "the prewar status quo" with Iran. The debate over the terms of the agreement continues as negotiations progress.
