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"The Deal with the Islamic Republic of Iran is now complete," Trump said in a Truth Social post.
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Oil prices had already fallen quite dramatically on Thursday and Friday, in anticipation of an imminent deal. President Trump has posted online that the Strait of Hormuz will reopen after the deal is signed on Friday.
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An initial deal to end the war and open the Strait of Hormuz was expected to be signed this week.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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