Doug Kriziner

News when you want it.

With Bloomberg News Now, I'm Doug Krisner.

The U.S.

and Iran are closing in on a deal to reopen the Strait of Hormuz.

U.S.

officials say the two sides are addressing the precise language on key issues, and they say a deal with Iran will not be signed today, citing Iran's frustratingly slow system.

Today, in a post on social media, Trump said the U.S.

will not be rushed and that both sides must take their time to get it right.

U.S.

Secretary of State Marco Rubio is optimistic.

On the back of that optimism, crude oil prices are in retreat, with both WTI and Brent down by more than 4.5%.

At the same time, there's a bit of concern over how the U.S.

and Iran seem to be describing this deal differently.

and worry in the U.S.

that President Trump might be giving up too much in an effort to open up the Strait of Hormuz.

Here is Bloomberg's Kevin Whitelaw.

That was Bloomberg's Kevin Whitelaw speaking on Bloomberg TV's The Asia Trade.

The director of the National Economic Council, Kevin Hassett, signaled his confidence in a deal between the U.S.

and Iran.

And Hassett believes a deal can lead to a decline in energy prices, which could in turn lower inflation.