US, Iran Near Hormuz Deal, Oil Prices Fall | Horizons Middle East & Africa 8/5/2026
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Global markets rallied as hopes for a breakthrough in the Middle East pushed oil prices lower and lifted technology shares. President Trump said Iran would be "very smart" to reach an agreement and that the world would know within 48 hours whether a deal is possible. The US, Iran and Oman are reportedly closing in on a Strait of Hormuz agreement, with Tehran also considering allowing European countries to help clear mines from the vital shipping route. Saudi Arabia is pursuing diplomatic efforts to contain the Houthis, including indirect talks through Omani mediators, as Red Sea attacks continue to threaten global energy supplies. Asian stocks rebounded after two days of losses, led by a recovery in semiconductor shares and stronger US technology earnings. South Korea's KOSPI advanced on gains in chipmakers, while Treasury prices rose as falling oil prices eased pressure on the Federal Reserve. The Japanese yen rally paused despite continued support for intervention, and investors moni
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