US says Hormuz is open as Iran deal nears
What's the story
The United States military has said that the Strait of Hormuz is open for commercial vessels. This comes after Treasury Secretary Scott Bessent hinted at a possible deal with Iran to normalize navigation in the strait. The US Central Command said it has helped over 1,000 vessels transit through the waterway despite Iranian aggression.
Market impact
Oil prices drop sharply
Oil prices have also dropped sharply in the recent days, with Brent crude rising 0.4% to $79.7 per barrel on Wednesday.
The drop in oil prices comes as Bessent said a deal could be reached soon.
"We are in talks with the Iranians," he told CNBC. "There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict."
Diplomatic efforts
Deal to reopen strait being finalized
Reports suggest that the US and European countries are pressuring Oman to agree to a temporary deal with Iran.
A senior Pakistan government official said a document on reopening the Strait of Hormuz is close to being finalized.
Despite these developments, Iran maintains it is negotiating with Oman and not directly with Washington.
Military assurance
US denies missile stockpile depletion reports
Meanwhile, US officials have denied reports of missile stockpile depletion.
President Donald Trump said the US has "far more munitions than anyone in the world, and far more than we need."
White House deputy press secretary Anna Kelly also reiterated that the military has sufficient resources for ongoing operations and future plans.