What Comes Next in the Iran War

Oil prices plunged and the stock market boomed on Friday after Iran and the US said the Strait of Hormuz was largely open to commercial traffic. An Iranian official suggested the move isn't permanent as peace negotiations continue, though President Trump said on Truth Social that Iran promised to never close the strait again, and declared that the Hormuz "situation is over." Related coverage:

• Questions: Plenty of questions were unanswered about how freely ships will be able to move and even whether they may have to pay a toll to Iran, notes the Washington Post. Further complicating things was that the US was leaving its own blockade of Iranian ports in place. It may take awhile for the details to clarify, but "assuming this holds, then I think it's great news," Jerry Kalogiratos of the shipping company Capital Clean Energy Carriers tells the New York Times.

• Uranium: One of the sticking points in talks has centered on Tehran's stash of enriched uranium. On Friday, President Trump said in a Truth Social post that Iran had agreed to hand over its stockpile, though Tehran hasn't confirmed. "We're going to get ‌it together," Trump told Reuters. "We're going to go in with Iran, at a nice leisurely pace, and go down and start excavating with big machinery. ... We'll bring it back to the United States."
• Oil/gas prices: The cost of a barrel of Brent crude plunged 10% to under $90 a barrel, and that could translate into a quick reduction in gas prices, says GasBuddy analyst Patrick De Haan, per NBC News. "This could accelerate sending fuel prices lower starting this weekend with the national average likely falling below $4/gal to perhaps $3.65-$3.85," he wrote. The average price was $4.09 Friday morning.
• The talks: The Times reports that US and Iranian negotiators were finalizing a three-page memo that contained the broad strokes of a peace deal. It could be signed at a second round of talks in the coming days.