Oil prices fell and stocks rose on Thursday after the United States and Iran said they had signed a preliminary agreement to reopen the Strait of Hormuz.
Both sides said that President Trump and President Masoud Pezeshkian of Iran signed the deal remotely on Wednesday, setting the stage for a new round of negotiations that could begin as soon as Friday.
As a result, the agreement to begin reopening the strait and lifting the U.S. naval blockade would “enter into force with immediate effect,” he wrote.
Upon signing, the United States is expected to issue sanctions waivers, allowing Iran to resume oil sales on global markets.
