Mediators have circulated draft texts between the United States and Iran, Qatari officials said, though no direct talks are scheduled and Doha cautioned that no agreement on reopening the Strait of Hormuz has been reached.
US Treasury Secretary Scott Bessent said a deal could be struck within days, while President Donald Trump warned Iran that negotiations represented its last chance. Tehran denied any talks with Washington, saying its discussions with Oman were limited to the strait. Oman has taken an increasingly central role in the diplomatic effort.
Brent crude fell more than 4 percent on the signals of progress. Separately, Qatar and its partners condemned Israeli violations in Gaza, with spokesperson Majed Al Ansari saying Hamas has met its ceasefire obligations and urging international pressure on Israel to proceed to the second phase.