The Brief US and Iran peace talks have many hopeful for an end to the violence. Many are also hoping the global oil market stabilizes as a result. FOX 2 - After months of fierce negotiations, the Trump administration says a deal to end the war with Iran has been reached. The backstory A key part of this tentative peace deal is the reopening of the Strait of Hormuz, which is where millions of barrels of crude oil would pass through daily. Many see this reopening as a boost for the U.S. economy.