US and Qatar report progress on Iran ceasefire and reopening Hormuz strait

US and Qatari officials say they're making progress toward restoring a ceasefire in the US-Iran war and reopening the strait of Hormuz, according to The Guardian. That optimism pushed oil prices down two percent on Tuesday, even as the strait remained closed to shipping and a cargo vessel was reportedly struck by an unidentified projectile off Oman's coast near the strait.

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