US Secretary of State Marco Rubio said on Monday that a deal to end the war with Iran could materialise 'today', following a plunge in oil prices and a rise in Asian shares amid optimism that the US and Iran were close to an agreement that might secure a lasting end to the three-month conflict and reopen the Strait of Hormuz.
Oil prices hit two-week low
Brent crude futures fell 4.5% to $98.83 a barrel by 11.50pm GMT, reaching a two-week low. The decline came as markets reacted positively to signs of progress in negotiations between Washington and Tehran.
'We thought we might have some news last night, maybe today – I wouldn’t read too much into it,' Rubio said in New Delhi during an official visit to India. 'We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits. It has a lot of support in the Gulf.'
Trump urges caution
Rubio’s remarks came after President Donald Trump tempered expectations of a deal, saying on Sunday that he had told his negotiators 'not to rush'. Trump described the negotiations with Iran as 'proceeding in an orderly and constructive manner'. He also stated that the US blockade on Iranian ships in the Hormuz strait would 'remain in full force and effect until an agreement is reached, certified and signed'. 'Both sides must take their time and get it right,' he added.
Criticism from former officials
Middle East officials told the Associated Press on Sunday that the US was close to reaching a deal with Iran that would end the war and reopen the strait, a vital conduit for global energy supplies. However, critics including Trump’s former secretary of state Mike Pompeo said the emerging agreement offered little beyond the 2015 Iran nuclear deal negotiated by former President Barack Obama, from which Trump withdrew during his first term.
Chris Van Hollen, a Democratic member of the Senate foreign relations committee, said the deal’s reported outlines would amount to little more than 'the prewar status quo' with Iran.
