US-Iran talks eye phased Hormuz deal, but leverage stalls progress
According to Reuters, US and Iranian negotiators are discussing a phased agreement to end the conflict.
The potential deal suggests that, in the first phase, Iran will reopen the Strait of Hormuz in exchange for the US lifting its economic blockade and granting access to frozen Iranian assets.
However, negotiations are stalling as neither side wants to surrender its leverage, according to comments to Reuters from two Iranian sources.
In the meantime, US President Donald Trump said that he thinks the US and Iran could reach a deal after the midterm elections to the US Congress on November 3.
Market's reaction:
- The US Dollar Index (DXY), which measures the buck against six peers, is up 0.10% at 101.21, but well below the high of the day (HOD) reached at 101.37.
- West Texas Intermediate, the US crude benchmark, retreated from around daily highs near $95.80, down to $93.08.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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