Trump eyes potential weekend deal to end USA-Iran war

June 12, 2026 (MLN): USA-Iran peace prospects brightened on Friday after President Donald Trump indicated a formal agreement could be reached as early as this weekend, though Iranian officials stopped short of confirming a final decision had been made.

President Trump told  that a settlement had been reached, saying the Strait of Hormuz largely closed to shipping since Iran effectively blockaded it  would reopen upon signing of the deal.

He added that Vice President JD Vance would be present at the signing ceremony, expected to take place in Europe, according to Reuters.

When asked whether Iran's Supreme Leader Ayatollah Mojtaba Khamenei had given his approval, President Trump said he understood the answer to be yes.

Tehran, however, offered a more cautious reading. Iranian Foreign Ministry spokesperson Esmaeil Baghaei acknowledged that a large portion of the agreement had been finalised, but stressed that Iran would not yield on its core positions.

Following this,  gold  moved up 2.41% to $4,190,41.

The precious metal had touched its lowest level in more than six months earlier.

Gold prices are currently being driven largely by developments surrounding the Middle East conflict. However, expectations regarding U.S. monetary policy remain a key factor influencing investor sentiment.

However, oil on the other hand fell drastically.

Brent crude futures are down by $4.89, or 5.22%, to $88.73 per barrel.

A resolution to the conflict would mark a significant shift in Middle East geopolitics and remove one of the key risk premiums that has supported crude prices in recent weeks.

The war, now in its third month, has exacted a heavy toll thousands of lives lost and global energy markets upended by the near-closure of the Strait of Hormuz.

President Trump has made repeated claims since mid-March that a deal was imminent, while both sides continued to exchange strikes this week.

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