Topline
Secretary of State Marco Rubio said on Monday that the U.S. could have some news to announce “maybe today” on a deal with Iran, but reiterated President Donald Trump’s remarks about not being in a hurry, as optimism about a potential peace agreement caused global stocks to soar and oil prices to plummet.
Key Facts
Rubio, who is on a diplomatic trip to India, told reporters in New Delhi that work on the deal was still in progress and he thought they might have had some news last night or “maybe today.”
The secretary of state said he believes there is a “pretty solid thing on the table in terms of their ability to open up the straits” and enter into a “time-limited negotiation” on nuclear matters.
When asked what the holdup was, Rubio said it was just the response, as it takes the Iranian system “a little while longer to get back.”
Rubio claimed the deal has broad support in the Gulf and around the world, but repeated Trump’s comments about not wanting to rush into an agreement or sign a “bad deal.”
The secretary of state said the U.S. will give diplomacy “every chance to succeed” before exploring any “alternatives.”
He then warned that the U.S. would either have a good agreement or “deal with it another way,” but noted that Washington would prefer a “good agreement.”
How Have Markets Reacted?
While U.S. markets are closed for Memorial Day, stocks in Europe and Asia soared on Monday amid optimism about a potential end to the Iran war and reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 index soared 2.87%, while South Korea’s KOSPI rose 0.41%, Hong Kong’s Hang Seng climbed 0.86% and India’s BSE Sensex bounced up 1.2%. In Europe, Germany’s DAX Index rose 1.08%, while France’s CAC 40 climbed 1.07%.
How Has The Price Of Oil Been Impacted?
The global oil benchmark Brent Crude Futures fell to $98.60 per barrel on Monday morning, down nearly $5 compared to the end of last week. The U.S. benchmark West Texas Intermediate also fell more than $4.50 cents to $91.95 per barrel.