Oil prices dive on hopes that a deal to reopen the Strait of Hormuz will be made soon

Oil prices turned sharply lower on Tuesday after a Qatari official talked about a potential short-term deal between the U.S. and Iran.

Oil Futures Fall on Possible Deal To Reopen Hormuz  WSJ

Treasury Secretary Scott Bessent said the U.S. is in talks with Iran and a deal to reopen the Strait of Hormuz could come within days

Iran and Oman are working on a plan to reopen the Strait of Hormuz, and other Mideast developments

Iran and Oman are inching toward a deal to reopen the Strait of Hormuz and potentially help bring an end to the war

Marco Rubio, US Secretary of State, said there has been progress in negotiations to reopen the Strait of Hormuz.

The strait was an open international waterway before the U.S. and Israel attacked Iran on Feb. 28.

The secretary of state said progress has been made in the Iran-Oman talks but that no final agreement has been reached, adding, "We're hoping that ‌will happen very ‌shortly."

Iran and Oman working on plan to reopen the Strait of Hormuz, and other Mideast developments  AP News

Qatar said that draft language of a deal was being circulated, while Secretary of State Marco Rubio expressed optimism about the talks but added that nothing was final yet.

Iran and the Gulf Arab state of Oman have made progress toward a deal to reopen the Strait of Hormuz, a potential breakthrough that could help wind down the war in the Middle East, regional officials said Tuesday.

Under the emerging agreement, ships would enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman, with service fees charged.

Oil prices fell to a three-week low on Tuesday as senior US officials raised hopes of a deal with Iran to reopen the key Strait of Hormuz waterway.

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to resume.

"There's been progress made in those talks, but not finality yet. We're hoping that will happen very shortly," Rubio told reporters at the State Department.

Marco Rubio says 'progress' has been made in talks with Iran Marco Rubio, the US secretary of state, said on Tuesday to reporters at the State Department that there had been "progress made in [Iran] talks, but not finality yet". He added: "We're hoping that will happen very shortly". US President Donald Trump sa

Iran, Oman make progress on deal to reopen Strait of Hormuz: officials  Arab News

Iran and Oman are close to an agreement to fully reopen the Strait of Hormuz to shipping traffic that would see both countries collect a so-called "service fee" to cover environmental and security costs.

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Donald Trump has warned Iran that the country is facing its last chance for a deal to open the Strait of Hormuz.

Donald Trump has warned Iran that the country is facing its last chance for a deal to open the Strait of Hormuz.

It would give Iran strategic leverage it did not have before the war.

Oil prices fall on potential US-Iran deal to open Strait of Hormuz  thenationalnews.com

NPR's Rob Schmitz speaks with Austin Ramzy of the Wall Street Journal about how China is able to import oil from Iran despite blockades on the Strait of Hormuz.

A liquefied natural gas (LNG) tanker carrying a Qatari cargo was struck by a projectile while traversing the Strait of Hormuz, threatening super-chilled fuel supplies and driving oil prices to their biggest gains since March amid escalating regional conflicts. According to Bloomberg, security consultancies Vanguard Tec