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On again, off again, peace negotiations are on again. From Marketplace, I'm Subri Benashore in New York.

The U.S. and Iran are reportedly back to working on an end to the war, and sources say a deal is close, according to Reuters. Axios is reporting the deal would involve a moratorium on nuclear enrichment and an end to sanctions. Oil is down. Markets are up. Russ Mould. Is investment director at the UK-based investment platform, AJ Bell, and is here to talk about it all. Hi, Russ. Good day to, Sabri. Hope you're well.

So we have had so much back and forth. The straits open, the straits closed. Peace deal coming. Peace deal failed. Are markets taking this time seriously?

They're taking it all very seriously.

They're possibly not paying quite so much attention to the presidential social media

post as they once were given the towing and throwing.

But I think they were worried about the potential for an escalation between Washington and

Tehran yesterday.

So they seem relieved that there's been a backing off from those skirmishes after

a day and that the ceasefire is held and that there is potential for a peace proposal on the table.

And you can say that reflected in how the S&P 500 NASDAQ stocking deceded record highs on

Tuesday and how the oil price on the West Texas intermediate benchmark for the U.S. has gone back below $100 a barrel.

Yeah, you know, oil prices, they have gone up, they have gone down, currently down, as you mentioned.

But gas prices, they just keep going up in the U.S. $4.50 a gallon is where they're at today, which is a record.

Why is that? And would gas prices continue to rise,

even if the war winds down? Clearly, if there is a peaceful solution that frees up the release

of crude and beans that refinance can get supply, you would like to think over time the price

of gasoline at the pump will come down,

but it may take time, given that tankers need to get back to the Middle East, they'll need to

...