Iran peace agreement could bring relief at gas pump

[00:00:00]Good morning. Well, the deal is considered a memorandum of understanding for now. Mediators say the US and Iran will meet to ink this agreement officially in Switzerland on Friday.

[00:00:10]Earlier today, the Strait of Hormuz looked like this with ships carrying oil and natural gas at a standstill.

[00:00:16]President Trump posted to Truth Social in the past hour that some vessels are moving. He says the waterway will reopen and a US naval blockade on Iran will lift once pen touches paper on Friday.

[00:00:27]Face the Nation's Margaret Brennan asked Secretary of Defense Pete Hegseth what the peace deal means for US troops in the region.

[00:00:35]>> The document says Iran will never have a nuclear weapon, won't seek one, won't buy one, won't have one. We did this from a position of strength. President Trump led with military might. That military might will stay as long as necessary.

[00:00:49]>> Meantime, news of the ceasefire sent oil prices plummeting. They are at their lowest levels in more than 3 months.

[00:00:55]According to AAA, the average cost for gas here in Chicago is down 15 cents per gallon, so that's below $5. Prices are also down in the suburbs and Northwest Indiana. The US stock market is also reacting positively to the tentative peace deal. The S&P 500 jumped 1.4% when trading started just about a half hour ago. Live in the newsroom, I'm Lauren Victory, CBS News Chicago.