Rubio Signals Near‑Term Iran Deal as Oil Slips 5%

The United States and Iran have observed a ceasefire since April 8, with mediators pushing for a settlement that would reopen Gulf shipping lanes. Iran has kept controls on certain waterways, and the US maintains a port blockade until a deal is signed. Regional leaders from Saudi Arabia, the UAE, Qatar, Egypt, Jordan, Bahrain, Turkey and Pakistan have joined discussions, with Pakistan offering to host further talks.

Rubio remarked in New Delhi that news might come “last night, maybe today” but cautioned not to read too much into it. He noted a “pretty solid thing on the table” regarding opening the Straits of Hormuz. Oil markets reacted, with Brent crude and West Texas Intermediate each slipping to $92.49 per barrel, a roughly 5% drop on Monday. Trump, via Truth Social, said he had instructed his team not to rush a deal, emphasizing that time favors the United States.

The hint of imminent progress eased investor anxiety, contributing to the oil price dip, though officials stress that core issues like frozen Iranian assets and nuclear enrichment remain unresolved. Analysts warn that any agreement will need to address sanctions relief, maritime security, and verification mechanisms before it can hold.