The United States and Iran appear closer than ever to a deal that would end a war that has engulfed the Middle East and disrupted the global oil market.

US Secretary of State Marco Rubio said the world might “get some good news” soon after President Donald Trump announced an agreement had been “largely negotiated” and would include the reopening of the Strait of Hormuz.

Before Trump’s announcement, Iran’s Foreign Ministry spokesman Esmaeil Baqaei spoke of “a trend towards rapprochement” with Washington, but warned that “it does not necessarily mean that we and the United States will reach an agreement on the important issues.” He said on state television that Iran’s “intention was first to draft a memorandum of understanding, a kind of framework agreement,” before a final deal is reached within 30 to 60 days.

Read the full story here.