US-Iran Reach Deal But Await Trump's Approval, Says Report Amid Fresh Strikes In The Middle East

• The report added that Iranians are ready to sign the deal, after the two sides mostly agreed to the terms of the agreement on Tuesday.
• The deal requires unrestricted shipping through the Strait of Hormuz, which includes no tolls and no harassment by the Iranian forces, the report added.
• It will also require Iran to remove all mines in the critical waterway within 30 days of the deal being signed.

The United States and Iran have reportedly reached a deal to extend the ongoing ceasefire for 60 days, but the final approval from President Donald Trump is still pending.

According to an Axios report, once the deal is approved by President Trump, the two sides will launch negotiations with respect to Iran’s nuclear program.

“The president relayed to the mediators that he wants a couple of days to think about it,” a U.S. official said, according to the report.

Iranians Ready To Sign, Says Report

The report added that Iranians are ready to sign the deal, after the two sides mostly agreed to the terms of the agreement on Tuesday.

The deal requires unrestricted shipping through the Strait of Hormuz, which includes no tolls and no harassment by the Iranian forces, the report added. It will also require Iran to remove all mines in the critical waterway within 30 days of the deal being signed.

The report states that in return, the U.S. would lift its naval blockade of Iran. The U.S. would also commit to discussing sanctions relief on the Middle Eastern country, in addition to releasing frozen Iranian funds.

US, Iran Launch Fresh Strikes

The report of a deal between the U.S. and Iran comes amid fresh strikes launched by the two countries.

The U.S. launched a fresh strike on Iranian assets in the Bandar Abbas region on Wednesday, with the CENTCOM stating in an update that these attacks took out five one-way attack drones that posed a threat in and near the Strait of Hormuz.

The Iranian side launched a fresh attack on a U.S. air base in Kuwait on Thursday, hours after the American strike. 

Crude Oil Prices Inch Up

Crude oil prices inched up on Thursday. U.S. West Texas Intermediate (WTI) futures expiring in July rose 0.4% to hover around $89.04 a barrel. Brent crude futures expiring in July were up 0.49%, at $92.7 a barrel.

The United States Oil Fund ETF (USO) inched up by 0.01%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up nearly 2% at the time of writing.

Meanwhile, U.S. equities were mixed in Thursday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.32%; the Invesco QQQ Trust ETF (QQQ) rose 0.47%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.06%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘bullish’ territory.

Also See: Trump Portrait On US Currency? Treasury Officials Reportedly Explored $250 Bill Proposal Amid Countdown To America's 250th Anniversary

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