Iran: Strait of Hormuz deal being "finalised"

Iran says it is in the "final stage" of drafting an agreement with Oman over the Strait of Hormuz, and US President Donald Trump says a deal could be announced this week.

The deal could potentially lead to the reopening of the critical waterway, but will likely be contingent on the US lifting its blockade on Iran's ports.

During a speech in Las Vegas, US President Donald Trump predicts oil prices will fall once the war in Iran is over, but not before potentially sending it "up again" first.

The comments come during the same event where Trump iterates he would rather "make a deal" because he doesn't "want to kill people."

This as Iran and US appear to be edging closer to a possible peace deal, with Iranian Deputy Foreign Minister Kazem Gharibabadi telling state media negotiations with Oman are "on the verge of being finalised," regarding an agreement on the critical waterway that could potentially help bring an end to the war and ease pressure on the global economy, stabling oil prices.

The Trump administration previously ruled out any deal that would cement Iran's grip over the strait, which would amount to a major loss for the US and a break with global norms.

But Iran insists on some measure of control over the strait, saying it will not go back to being an open international waterway, as it was before the war.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu reiterates his country's commitment to preventing Iran from obtaining a nuclear weapon while praising the joint efforts with Trump against Iran, saying the "existence of Israel" is not up for negotiations.