Hope rises for end of Iran war as Hormuz reopening talks surface

Global markets rally on optimism that the U.S.-Iran war could end soon and the Strait of Hormuz might reopen, with reports of a breakthrough to ease the blockade and allow transit. Pakistan and France urged swift, broad agreement and a shipping regime, while Iran is said to be moving to formalize transit control via a new Persian Gulf Strait Authority. Oil prices fell on optimism, even as U.S. gas prices surged, and President Trump emphasized there is no deadline for a deal.