Monica Ricks

Negotiators are still working through precise language on key issues, including Tehran's demand that its assets be unfrozen.

Final approval could still take days.

Meantime, Abu Dhabi National Oil Company has been quietly ferrying oil and gas shipments out of the Persian Gulf using its own fleet, clearing both the Iranian Navy and U.S.

warships to reach energy-starved customers.

It's leaning on practices including dark transits, which is when vessels cross the Strait of Hormuz, by turning off their transponders to avoid detection.

Another supertanker hauling two million barrels of Iraqi crude also made it out of Hormuz yesterday.

That one's bound for China.

Global stocks approach record highs and oil keeps falling on hopes that this deal could get done soon.

Brent crude's down near 5% right now at $98 a barrel.

U.S.

markets are closed for Memorial Day today, but stocks are still trading overseas.

The FTSE in London is up 0.2%.

The CAC in Paris and the DAX in Germany are both up 1.2%.

The Nikkei in Japan led a rally in Asia today, closing above 65,000 for the first time.

It was up 2.8%.

The Hang Seng in Hong Kong added 0.8%, and China's CSI 300 gained 1.5%.

Here at home, National Economic Council Director Kevin Hassett says he's confident a further drop in oil prices when this war ends will create space for a Fed cut.

Hassett on Fox News.

The most recent measures of U.S.

consumer sentiment have shown a lot of gloom, and it could get worse this summer.