Oil prices and stock markets moved cautiously Friday amid tentative signs that the United States and Iran were close to a preliminary agreement to end the war.
Negotiators were discussing a new memorandum of understanding that appeared close to winning approval from both sides, although disagreements remained on several key provisions. One of the main obstacles was the status of the Strait of Hormuz, a key trade route for oil and gas tankers from the Middle East.
The potential breakthrough follows a volatile week in which U.S. and Iranian forces exchanged sporadic fire, underscoring the risks of further escalation as well as the fragility of the current truce.
