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Live updates: Oil back on the rise as Iran denies report of deal talks
U.S. and Iranian negotiators are discussing a phased agreement to end the war, according to a Reuters headline.
The deal would include a reopening of the Strait of Hormuz, and D.C. lifting its economic blockade of Iran.
The major obstacle in talks, according to Reuters, citing Iranian, regional, and Western sources, is neither side wanting to be the first to surrender its leverage. Thus, the phased approach — Iran reopening the Strait in exchange for the Trump administration to potentially give the Iranian government access to frozen assets.
For the moment, the news has sent oil lower by nearly $2 per barrel, though it’s still up 2% for the day. That’s easing interest rates by a couple of basis points, with the Nasdaq trimming an earlier 0.8% decline to just 0.2%.
Bitcoin has bounced a bit, now trading at $84,600, up 0.5% over the past 24 hours.
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