France’s only aircraft carrier headed toward the Arabian Gulf, oil fell below $100 a barrel, and stocks rose on optimism that US-Iran talks could lead to a durable peace.

Tehran is reportedly expected to respond today to an American proposal to end the conflict, which has largely been in stasis for weeks beyond sporadic attacks, but has left the Strait of Hormuz shut: Roughly 2,000 ships are stranded in the Gulf and insurance premiums are four to five times normal rates.

Britain and France have gathered a coalition of 50 nations to provide visible escorts once the strait is reopened, aiming to also demonstrate that Europe believes it has some independent diplomatic and defensive clout.