Addressing reporters from the Oval Office, President Trump declared that the United States has reached a "great settlement" to end hostilities with Iran, a deal he claims has been approved by senior leadership in Tehran, Israel, and several Gulf allies. The President indicated that the Strait of Hormuz would officially reopen as soon as the memorandum of understanding is signed, possibly in Europe this weekend. However, the diplomatic breakthrough remains fragile; Iranian officials have stated that a final decision has not yet been made, and the US military recently shot down two Iranian attack drones attempting to strike commercial vessels in the strait. Despite the uncertainty, the news triggered a market rally, with crude oil prices dipping to US$86 per barrel.