US and Iran negotiate to reopen Strait of Hormuz, aiming to prevent oil price spike and global recession

The US and Iran are in talks to negotiate an agreement that could lead to reopening the Strait of Hormuz, which has been closed for over two months. This negotiation is seen as a critical opportunity to avoid oil prices soaring to $200 per barrel, which would trigger inflation and a global recession. However, reaching a deal will be challenging, and even if an agreement is signed, conditions in the Strait are unlikely to return to their pre-conflict state.