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Oil has nudged a touch higher to $93 per barrel this morning as uncertainty continues to cloud any prospect of a peace deal in the Middle East.
The latest peace proposal between the US and Iran was said last week to be awaiting on the final green light from President Donald Trump.
But on Sunday, US media reported that Trump was calling for edits to me made to the proposal as it standed.
Changes revolved around the Strait of Hormuz – which has seen traffic halted through the narrow waterway since the war began, sending ripples through the global economy – and Iran’s nuclear program.
The latest proposal is reported to include a 60-day cessation on fighting, a move to reopen the Strait of Hormuz and a framework to reopen negotiations on Iran’s nuclear program.
Mohammad Bagher Ghalibaf, Iran’s chief negotiator, said on Sunday the regime would not sign off a deal unless it secured rights for Iranians.
“President Trump will only make a deal that is good for America and satisfies his red lines. Iran can never possess a nuclear weapon,” a White House official said after Trump held a situation room meeting with key aides.
Fresh hopes of a peace deal comes after tensions soared last week as the US and Iran exchanged strikes, each accusing each other of violating the ceasefire.
On Saturday, US forces attacked a cargo ship that they claimed was making a play to breach their naval blockade of Iran.
A senior official accused Trump of “betraying diplomacy for the third time”.
We’ll be bringing you the latest market reaction to this and more.
Here’s a few of our top headlines this morning
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