U.S. ready to return to 'commitments,' Iran says, after Trump signals deal is near

Iran and Oman appear to be concluding negotiations regarding the Strait of Hormuz, according to recent reports. President Donald Trump suggested on Wednesday evening that talks with Tehran were advancing, stating that Iran had requested the U.S. to cancel a significant attack over the weekend. "They wanted to negotiate and we’re doing that and it seems to be working out quite well," Trump remarked. However, he cautioned that the outcome of the talks remained uncertain, saying, "it may be or it may not be."

Earlier in the week, Trump had indicated that a deal to restore access to the Strait of Hormuz was imminent, but warned Iran that it could face additional attacks if it refused to accept an agreement. Iran has reportedly warned Gulf nations that any new U.S. strike on Iranian territory would provoke retaliatory strikes on key energy infrastructure across the region, as reported by Reuters.

Conversely, Tehran has disputed Trump's assertions, claiming that it is only negotiating with mediators in Oman and that a deal on the passage would likely be postponed if a U.S. naval blockade persists. Iran reportedly agreed with Oman on the geographic coordinates for a shipping route through the Strait of Hormuz, with a joint announcement expected to be released shortly.

Investors have largely maintained cautious optimism for a prolonged de-escalation in the ongoing Iran conflict, with analysts noting a pattern of threats and retreats. Oil prices rose to approximately $80 per barrel on Thursday, although the possibility of an unblocked strait had initially pushed crude prices down by more than 9% in a single week.

Last month, Iran's decision to effectively limit tanker traffic through the critical waterway led to a brief increase in crude prices to around $100 per barrel. Separately, Trump asserted that the U.S. possessed "significant quantities of munitions," with more being manufactured, challenging reports of diminishing U.S. armament reserves.

He also vowed to pursue "prolonged jail sentences" for those responsible for leaking information about the U.S. armaments situation. Trump's comments came amid reports that the Pentagon held an emergency meeting over a weapons shortage, and that the Washington Post had revealed Trump had argued with Defense Secretary Pete Hegseth over munitions deficits.

Reuters also stated on Tuesday that the U.S. had utilized nearly all of its long-range precision missiles during the Iran conflict.