James Wilcock

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Iran says it has reached a consensus with America on many issues, but no deal is imminent.

That comes after US officials had said they were closing in on a deal to reopen the Strait of Hormuz.

Speaking before Iran had commented, Secretary of State Marco Rubio was optimistic.

Rubio added that a deal is President Trump's preference, but only if it were a good deal.

Despite the optimism from US sources, Iran's Tasnim news agency says an agreement is far from reality.

Bloomberg's Kevin Whitelaw says there's concern over how the US and Iran seem to be describing this deal differently.

Kevin Whitelaw there.

Oil prices dropped on the news, with Brent set for the lowest close in more than a month.

The price of the global benchmark fell more than 5%, taking it to under $100 a barrel.

President Trump's chief economic adviser, Kevin Hassett, says any deal will open up the path to an interest rate cut.

Kevin Hassett speaking over the weekend to Fox News' Sunday Morning Futures.

However, Forbis Mazar's chief economist, George Lagarias, thinks that outcome is unlikely.

Lagaria has added he thinks central banks around the world are increasingly eyeing hikes.

The European Central Bank is set to lift its inflation outlook when policymakers meet next month.

That's according to the central bank's president, Christine Lagarde, who told an Italian talk show an earlier prediction of 2.6% will probably be revised.

Economists and investors now predict a quarter point rate hike at the ECB's next June meeting.

The U.S.

has paused a $14 billion arms sale to Taiwan.

More from Bloomberg's Monica Ricks.