Crude sinks, stocks jump on report U.S. & Iran near deal to end war

• U.S. and Iran are reportedly nearing a one-page memo to end the war, according to Axios.
• The deal would involve Iran committing to a moratorium on nuclear enrichment.
• The U.S. would agree to lift sanctions and release billions in frozen Iranian funds.
• Restrictions around transit through the Strait of Hormuz could also be lifted, leading to a 6% drop in oil prices.

CNBC reports breaking news that the U.S. and Iran are closing in on a one-page memo to end the war. This potential deal involves Iran committing to a moratorium on nuclear enrichment, and the U.S. lifting sanctions and releasing frozen Iranian funds. The news has led to a significant drop in crude oil prices.