US-Iran deal emerges amidst falling oil prices; Congress rebukes Trump on war powers

The Trump administration has advanced a preliminary peace agreement with Iran, aiming to de-escalate hostilities and facilitate the reopening of the crucial Strait of Hormuz. This emerging deal has led to a notable drop in global oil prices, with crude falling below $80 per barrel and gasoline prices decreasing significantly. As part of the accord, the U.S. Treasury has issued a temporary 60-day waiver on sanctions, enabling Iran to resume oil exports and receive payments, though Iran has disputed claims that nuclear program negotiations have commenced.

Concurrently, the U.S. Congress has delivered a historic rebuke to President Trump regarding his war powers concerning Iran. Both the House and Senate passed a resolution, with bipartisan support, demanding that the President seek congressional authorization for military action against Iran. While largely symbolic, passing by a narrow 50-48 vote in the Senate, this action represents the first time both chambers have united to challenge the administration's conduct of the unpopular conflict.