The United States and Iran are close to reaching a deal, which US officials say could be signed within 48 hours. The agreement would come as the conflict that began in late February continues to affect global oil markets.
There are already signs that the oil shock from the war is easing. China's factory-gate inflation slowed for the first time since the conflict started, and consumer price increases also lost momentum, suggesting cost pressures are beginning to fade.
Meanwhile, major oil companies have posted record profits, as the critical Strait of Hormuz shipping route remains closed. The closure has kept oil supplies tight, driving up prices and boosting earnings for energy firms.
The reported deal between Washington and Tehran would likely address the situation, though its precise terms have not been disclosed.