Apparent progress in US-Iran negotiations was in doubt and in any case the deal faced questions over its durability and potential impact.

The US secretary of state said an agreement could be announced today but the talks were “still a work in progress,” while Iran said no deal was “imminent.”

The agreement — reportedly centered around a reopening of the Strait of Hormuz and extending an ongoing ceasefire, but not resolving questions over long-term peace, Iran’s nuclear program, or its missile stockpile — faces opposition from within Trump’s own party.

And Barclays noted that even if the strait reopens, oil markets and economies that have been hammered by its closure will not immediately normalize: “A deal is not a cure.”