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Oil Prices Fall on Hopes of US-Iran Peace Deal

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Global oil prices dropped sharply while Asian stock markets rose after growing optimism that the United States, Iran and Israel could move closer to ending their conflict.

Marco Rubio said during a visit to India that negotiators had “a pretty solid thing on the table” and suggested an agreement could potentially be reached on Monday.

Following the comments, global benchmark Brent crude fell 5.5% to $97.90 a barrel, while US crude dropped 5.9% to $90.93.

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Earlier, Donald Trump indicated that a possible agreement would involve reopening the Strait of Hormuz, the crucial shipping route through which about one-fifth of global oil and liquefied natural gas supplies normally pass.

The strategic waterway has effectively remained closed since fighting began on 28 February, creating major disruption in global energy markets.

Rubio said negotiations were still ongoing and cautioned against assuming a breakthrough was guaranteed, though he acknowledged progress had been made.

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Trump also said over the weekend that he held a “very good call” with leaders from Saudi Arabia, the United Arab Emirates and Qatar regarding a “Memorandum of Understanding pertaining to PEACE”.

The US president stated that an agreement had been “largely negotiated” between Washington, Tehran and other involved countries, although final details were still being discussed.

Trump added that he also spoke with Israeli Prime Minister Benjamin Netanyahu and described the conversation as positive.

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While Trump insisted any eventual deal would prevent Iran from obtaining nuclear weapons, he later warned that negotiators should “take their time and get it right”.

Iranian foreign ministry spokesman Esmaeil Baqaei said the positions of Tehran and Washington had moved closer in recent days, though he cautioned that major disagreements still remained.

Energy markets have experienced heavy volatility since early March after Iran threatened shipping in the Strait of Hormuz in response to attacks by the US and Israel.

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Despite Monday’s sharp decline, oil prices remain significantly above pre-war levels, with Brent crude trading around $70 per barrel before the conflict began.

Analysts say any agreement could help stabilise energy markets, although full recovery may take years.

Saul Kavonic, head of energy research at MST Financial, said there was now “some light at the end of the tunnel” for oil markets, but warned that supply conditions could remain tight through 2027 due to the time needed to restore shipping routes, repair infrastructure and rebuild depleted global oil reserves.

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Lars Jensen, chief executive of Vespucci Maritime and former Maersk director, said the shipping industry would still remain cautious even if a deal were announced quickly.

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Twelve Killed After Skydiving Plane Crashes Shortly After Take-Off in Missouri

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Twelve Killed After Skydiving Plane Crashes Shortly After Take-Off in Missouri

Eleven skydivers and a pilot have died after a small aircraft crashed shortly after take-off in the US state of Missouri, authorities have confirmed.

The aircraft, which had been leased by a skydiving company, departed from Butler Memorial Airport at approximately 11:20 a.m. local time on Sunday.

According to officials from Bates County Emergency Management, the plane failed to gain sufficient altitude after take-off. It then made a sharp left turn before crashing roughly 200 yards from the airport.

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All 12 people on board were killed in the accident.

The Federal Aviation Administration identified the aircraft as a Pacific Aerospace P750 and confirmed that it crashed while departing the airport.

The agency also noted that air traffic control services were not being provided at the time of the incident.

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Local media reports indicated that emergency responders were examining the crash site to determine whether any skydivers may have exited the aircraft before it went down. However, authorities have not confirmed that any occupants managed to jump from the plane.

The city of Butler is located about 50 miles south of the Kansas City metropolitan area.

An investigation into the cause of the crash has been launched, with the National Transportation Safety Board taking the lead role in determining what caused the aircraft to lose altitude and crash shortly after departure.

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Officials have not yet released the identities of the victims, and investigators are expected to spend the coming days examining the wreckage, flight records and maintenance history of the aircraft as part of the inquiry.

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Trump Urges Restraint After Beirut Strike Threatens Prospective US-Iran Agreement

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Trump Urges Restraint After Beirut Strike Threatens Prospective US-Iran Agreement

United States President Donald Trump has expressed confidence that a long-awaited agreement with Iran can still be finalized within hours, despite concerns that recent Israeli strikes on Beirut could derail the process.

Speaking in a brief interview with Fox News, Trump said he believed a deal between Washington and Tehran would be signed within the next two to three hours.

The comments came amid heightened tensions after Iran warned that Israeli military action in Beirut risked undermining efforts to secure a broader agreement aimed at reducing regional hostilities.

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According to Fox News correspondent Trey Yingst, Trump revealed that he had spoken directly with Israeli Prime Minister Benjamin Netanyahu following the strikes. During the conversation, the US president reportedly voiced frustration over the military action and urged Israel to avoid further attacks that could jeopardize the negotiations.

Yingst reported that Trump specifically asked Netanyahu not to carry out additional strikes against Hezbollah, warning that further escalation could threaten the progress made toward securing the agreement.

The diplomatic push comes at a critical stage in negotiations involving the United States and Iran, with mediators and officials from several countries working to finalize terms intended to ease tensions and prevent further conflict in the region.

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The latest developments follow warnings from Tehran that continued military operations in Lebanon could complicate efforts to reach a deal and potentially delay or derail the expected signing.

Despite the uncertainty, Trump’s remarks suggest the White House remains optimistic that the agreement can still be completed, provided regional actors exercise restraint and avoid actions that could inflame the already fragile situation.

Diplomatic efforts are expected to continue as negotiators work against the clock to secure the deal and prevent renewed instability across the Middle East.

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Trump Says US-Iran Peace Deal Could Be Signed Sunday as Tehran Urges Caution

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Trump Says US-Iran Peace Deal Could Be Signed Sunday as Tehran Urges Caution

United States President Donald Trump has said a deal aimed at ending hostilities between the United States and Iran is scheduled to be signed on Sunday, although Iranian officials have expressed uncertainty about the timeline.

In a post on social media, Trump announced that the agreement was expected to be finalized the following day and claimed that the strategically important Strait of Hormuz would immediately reopen to international shipping once the deal is signed.

“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” Trump wrote.

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The president also appeared to reference Iran’s enriched uranium stockpiles, stating that “at the appropriate time, when all is calm, we will go in and get the Nuclear Dust,” adding that it would later be destroyed.

However, Iranian officials have been more cautious. Iranian Foreign Ministry spokesman Esmaeil Baghaei said the exact date for signing a memorandum of understanding remained uncertain.

“We will have to wait and see about the exact date of the signing of the memorandum of understanding, although it will not be tomorrow,” Baghaei said.

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Pakistan, which has played a key mediating role in the negotiations, indicated that progress toward an agreement was accelerating. Prime Minister Shehbaz Sharif said the parties were closer than ever to a peace deal and that preparations were underway for an electronic signing process once negotiations are completed.

On Friday, Iranian Foreign Minister Seyed Abbas Araghchi also suggested that an agreement was within reach. According to Araghchi, the proposed arrangement would include measures to end conflict involving Israel and Hezbollah in Lebanon, reopen the Strait of Hormuz, and lift a United States blockade affecting Iranian ports.

He noted, however, that discussions regarding Iran’s nuclear programme would take place separately at a later stage.

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For decades, Iran has faced accusations from Western governments of pursuing nuclear weapons capabilities. Tehran has consistently denied those claims, maintaining that its nuclear activities are intended solely for peaceful purposes such as electricity generation and scientific research.

US officials have reportedly confirmed some elements of the proposed agreement, while emphasizing that any economic benefits granted to Iran would depend on the country’s compliance with its commitments.

The negotiations come after months of heightened tensions. The conflict began following US and Israeli strikes on Iran on 28 February, which triggered retaliatory attacks by Iran against Israel and US-aligned states in the Gulf region. The confrontation also disrupted traffic through the Strait of Hormuz, one of the world’s most important routes for oil and liquefied natural gas exports.

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Although a ceasefire was reached in April, sporadic exchanges of fire have continued, including two rounds of retaliatory strikes earlier this week.

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