Trump said he would sign on Sunday, Iran said it hasn't approved yet, the agreement is still up in the air, but the oil price in the Strait of Hormuz has already jumped.

According to Bloomberg, U.S. President Donald Trump said the United States and Iran plan to sign a provisional agreement on Sunday to reopen the Strait of Hormuz and push to end the conflict that has been ongoing since February of this year. However, Iran denied that the agreement would be signed on Sunday, saying that the relevant terms still require further approval. According to reports, the two sides still disagree on issues such as the management of the Strait of Hormuz, Iran’s frozen assets, and war reparations. The proposed agreement would require Iran to abandon its nuclear weapons program but retain civilian nuclear energy projects, while the U.S. would gradually ease sanctions and work to bring Iran back into the global economic system once the relevant conditions are met.