Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, shipping data showed, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from the U.S. President and his Deputy.
President Donald Trump said on Tuesday the war would be over "very quickly" while Vice President JD Vance talked up progress in talks with Tehran about an agreement to end hostilities.
"We're in a pretty good spot here," Vance told a White House press briefing on Tuesday.
Trump made his comments a day after saying he had paused a planned resumption of hostilities following a new proposal by Tehran to end the conflict.
"I was an hour away from making the decision to go today," Trump told reporters at the White House on Tuesday.
Iran's leaders are begging for a deal, he said, adding that a new U.S. attack would happen in coming days if no agreement was reached.
The United States has been struggling to end the war it began with Israel nearly three months ago. Trump has repeatedly said during the conflict that a deal with Tehran was close, and similarly threatened heavy strikes on Iran if it did not reach an accord.
The U.S. President is under intense political pressure at home to reach an accord that would reopen the Strait of Hormuz - a key route for global supplies of oil and other commodities. Gasoline prices remain high and Trump's approval rating has plummeted with congressional elections looming in November.
The conflict has caused the worst-ever disruption to global energy supplies, blocking hundreds of tankers from leaving the Gulf while damaging energy and shipping facilities across the region.
Two Chinese ships, among a handful of supertankers carrying Iraqi crude, exiting the Gulf this month, passed through the narrow strait carrying around 4 million barrels of crude, according to data from LSEG and Kpler.
Oil prices eased on the positive signals from the White House and in the Gulf, with Brent crude falling to as low as $110.16 a barrel, before regaining much of its losses.
"Investors are keen to gauge whether Washington and Tehran can actually find common ground and reach a peace agreement, with the U.S. stance shifting daily," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
Speaking to reporters at a White House briefing, Vance acknowledged difficulties in negotiating with a fractured Iranian leadership.
"It's not sometimes totally clear what the negotiating position of the team is," he said, so the U.S. is trying to make its own red lines clear.
He also said one objective of Trump's policy is to prevent a nuclear arms race from spreading in the region.
Ebrahim Azizi, head of the Iranian parliament's national security committee, said on X that Trump's pausing of an attack was due to the realisation that any move against Iran would mean "facing a decisive military response."
Iranian state media said Tehran's latest peace proposal involves ending hostilities on all fronts including Lebanon, the exit of U.S. forces from areas close to Iran, and reparations for destruction caused by the U.S.-Israeli attacks.
Tehran also sought the lifting of sanctions, release of frozen funds and an end to the U.S. marine blockade, according to Deputy Foreign Minister Kazem Gharibabadi as cited by the Islamic Republic News Agency (IRNA).
The terms as described in the Iranian reports appeared little changed from Iran's previous offer, which Trump rejected last week as "garbage."
The U.S.-Israeli bombing killed thousands of people in Iran before it was suspended in a ceasefire in early April.
Meanwhile, Israel has killed thousands more and driven hundreds of thousands from their homes in Lebanon, which it invaded in pursuit of the Iran-backed Hezbollah militia.
Iranian strikes on Israel and neighbouring Gulf states have killed dozens of people.
The Iran ceasefire has mostly held, although drones have lately been launched from Iraq towards Gulf countries, including Saudi Arabia and Kuwait, apparently by Iran and its allies.
Trump and Israeli Prime Minister Benjamin Netanyahu said they launched the war to curb Iran's support for regional militias, dismantle its nuclear programme, destroy its missile capabilities and create conditions for Iranians to topple their rulers.
But the war has yet to deprive Iran of its stockpile of near-weapons-grade enriched uranium or its ability to threaten neighbours with missiles, drones and proxy militias.
The Islamic Republic's clerical leadership, which had faced a mass uprising at the start of the year, withstood the superpower onslaught with no sign of organised opposition.
Iran claims its nuclear development is for electricity production.
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The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Iran's nuclear program to further negotiations.
U.S. and Iranian officials said on Sunday they have agreed on a deal to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, possibly leading to lower energy prices once oil shipments resume through the critical waterway.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
A senior Iranian official told Reuters that a draft memorandum with the U.S. covers issues including Iran’s nuclear programme, reopening the Strait of Hormuz, and U.S. waivers on oil sanctions, with further negotiations expected within 60 days of an initial agreement.
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