Stocks climbed globally and oil prices fell Wednesday on optimism that the US and Iran were nearing an end to their stalemate in the Strait of Hormuz.

Tehran said it was reviewing a proposal from Washington to end the war; the US reportedly presented a memo that would gradually open the strait and lift the dual blockade. US President Donald Trump has voiced optimism on the prospect for a deal, boosting markets. “We remain on the path towards de-escalation,” an analyst said, though “that path is clearly a rough one.”

With gas prices rising and a high-stakes trip to China around the corner, “Trump’s looking for an exit,” Semafor’s DC team wrote.