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President Donald Trump stated that the Strait of Hormuz would reopen "very soon" or Iran would face severe consequences as oil prices plummeted to a three-week low due to hopes of a potential deal. This assessment came during an interview on Fox News, following statements from Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, who revealed that negotiations had advanced to the point where shipments could resume later in the week.

On Tuesday, the price of a barrel of Brent crude, the global standard for oil, dropped nearly 5%, falling below $80 (£60). The decline persisted on Wednesday, with a roughly 0.7% decrease in Asian trading. Despite the recent progress in talks, the volatile oil market continues to impact global fuel prices, ultimately burdening consumers.

Trump expressed optimism about the discussions, asserting that Iran was open to reaching an agreement to end months of conflict. US Central Command (CentCom) confirmed that the southern route through the Strait of Hormuz remained accessible to all commercial vessels. Rubio and Bessent highlighted the recent advancements in dialogue, with a potential deal possibly finalized as early as Wednesday.

However, the details of the proposed agreement remain undisclosed. Iran has expressed no intention to negotiate with the US, preferring instead to engage with Oman. The foreign ministry spokesperson confirmed that talks with Oman on a new mechanism for vessels using the Strait were constructive. Qatar, a significant mediator between the US and Iran, continued efforts with other parties but disclosed no direct talks were underway.

The ongoing conflict has strained global oil supplies and heightened geopolitical tensions. The US has depleted much of its stockpile of long-range precision missiles, a fact disclosed by sources close to the situation. The Strait of Hormuz has been a focal point in US-Iranian negotiations since the conflict erupted in late February.

Originally handling about one-fifth of global daily oil and liquefied natural gas supplies, the waterway has been largely closed by Iran since the conflict began. In response, the US has imposed naval blockades on Iranian and Saudi Arabian ports. Analysts note that the recent surge in oil prices has had a significant impact on consumers, with fuel costs rising to levels not seen since the start of the crisis.