US Says Iran Deal Near, Oil Drops 5%, More
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The US says it's closing in on a deal to reopen the Strait of Hormuz, even as President Trump says he would not rush into any agreement. US officials say they and Iran are discussing precise language on a draft deal. Secretary of State Marco Rubio is optimistic.
We've made some progress over the last 48 hours working with our partners in the Gulf region on an outline that could ultimately, if it succeeds, leave us not just with a completely open straits, and I mean open straits without tolls, and with addressing some of the key things that underpin what has been Iran's nuclear weapons ambitions in the past.
Rubio also told reporters he thought he may have more news on a deal later today, but says not to read too much into it. Despite the optimism from US sources, Iran's Tasnim news agency says a deal is far from reality. Members Kevin Whitelaw says there's concern over how the US and Iran seem to be describing negotiations differently.
What we're really talking about isn't a deal deal. It is a path to a deal. And so it would be some sort of an extended ceasefire or pause where the Strait of Hormuz would be opened up in some fashion. I think that's probably realistically the best thing that anyone can expect at this point with most of the actual negotiations over the highly enriched uranium, etc., to come later. But, you know, Iran has basically said they want sanctions relief, they want some of their assets unfrozen. And if Trump agrees to do some of that just to get this interim deal, he's really giving up a fair amount of his leverage. Kevin Whitelaw there.
Oil prices dropped on the optimism, with Brent set for the lowest close in more than a month. the U.S. has paused a $14 billion arms sale to Taiwan. Bloomberg's Monica Ricks has the story.
President Trump has indicated he'll speak directly to Taiwan's president after pausing a $14 billion arms sale a week after visiting China. It's a move that'll likely anger Beijing, but Ambassador Alexander Yu tells Bloomberg Taiwan's ready to defend itself.
What progress has the US made towards a deal with Iran?
We're trying to beef up our own defensive capabilities. And the United States has been our primary provider of arms sales to Taiwan. And we hope to continue to do so in facing this mounting and growing aggression from mainland China.
The U.S. says it pulled back on the arms package to make sure it had enough munitions for the war in Iran. Monica Ricks, Bloomberg Radio.
And Russia has confirmed its military fired a hypersonic Areshnik missile towards Kyiv. The Areshnik missile is capable of carrying a nuclear warhead and is theoretically able to target most of Europe and the US West Coast. The escalation was part of an attack involving approximately 90 missiles and 600 drones. Ukraine's Air Force say most of the missiles and drones were shot down. But President Volodymyr Zelensky says that two people were killed and over 80 were injured. He called for solutions from the US and Europe. Those are your top stories. On the market, it's a public holiday in the US and the UK. So cash treasuries, gilts and stocks are all not trading. But Brent dropped over 5% and is currently trading at $98 a barrel, the lowest in more than two weeks.
That's to use when you want it. I'm James Wilcock and this is Bloomberg.
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