Oil prices, sent rocketing by Iran's blockade of the Strait of Hormuz energy corridor, plunged by more than 7% on Monday on optimism over a possible end to the eight-month-old conflict. (EPA Images pic)WASHINGTON: US President Donald Trump on Monday signalled progress in talks with Iran to avoid a return to war, as Tehran said "intensive" exchanges were underway while offering to reopen the Strait of Hormuz under strict conditions.
A deal with Tehran "could happen," Trump wrote on his Truth Social platform a day before crucial US midterm elections. He added that "Iran wants a settlement as soon as possible."
Vice-president JD Vance separately said that both he and Trump were optimistic about securing an agreement.
