- Oil prices fell sharply and Asian stock markets surged to record highs amid growing hopes for a deal between the US and Iran to reopen the Strait of Hormuz.
- Brent crude dropped 7.8 per cent to $101.27 a barrel afterT rump suggested the strait could be 'open to all' if Iran accepted a reported agreement.
- Reports indicated the US believed it was close to a memorandum of understanding to end hostilities, with an Iranian foreign ministry spokesperson confirming the proposal was under consideration.
- Despite market optimism, military tensions continued, including a US fighter jet damaging an Iranian oil tanker in the Gulf of Oman.
- A US Secretary of State stated the initial offensive was over and a deal was preferred, while an Iranian parliamentary speaker indicated Iran was 'just getting started'.
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