Good morning and welcome back to the City AM liveblog.
Speculation around a peace deal between the US and Iran is continuing to leave markets struggling for direction as hopes of an official agreement face roadblocks.
A current draft of a memorandum of understanding between Iran and the US has ambiguities that have to be clarified, an adviser to Iran’s supreme leader has said.
Donald Trump has said he is seeking to reopen the Strait of Hormuz “immediately” after the memorandum was signed, but those close to the Iranian regime have told state media that the President wants to pressure Iran to accept his conditions and keep Tehran’s conditions in a vague state.
Iran’s Supreme Leader Mojtaba Khamenei, who has not been seen in public since being appointed in the role, said in a message that Iran’s enemies seek to “harm people’s resilience and create internal divisions”.
Trump was asked whether he would meet with Khamenei and said he might not be his “favourite person”.
“I don’t want to meet. But if I did meet, I’d be honoured to meet him,” the President said on Thursday.
“But if we make a deal, it’s possible that I would meet him. I’d be okay with that.”
He also added he was unsure if he would host the supreme leader in the US, but said he would “be respectful”.
We’ll be bringing you the latest market reaction to this and more.
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