US President Donald Trump has declared that the Strait of Hormuz will be opened "very soon", or else Iran will be "hit hard".
His statement comes as oil prices have fallen to their lowest level in three weeks amid hopes for a deal.
The US president spoke to Fox News after Secretary of State Marco Rubio and Treasury Secretary Scott Bessent confirmed that talks had progressed enough to allow for the possible resumption of shipments later this week.
On Tuesday, the price of a barrel of Brent crude, the global benchmark for oil prices, fell by almost 5%, falling below $80, on news that supply constraints could ease. The price fell again on Wednesday, marking a decline of about 0,7% in Asian markets.
However, the failure of previous talks to reduce tensions in the conflict has brought instability to the oil market, causing drivers to ultimately face higher fuel prices.
"We're having very good discussions," Trump said during a visit to California, insisting that Iran was willing to reach a deal to end the months-long conflict.
also
Trump insists Strait of Hormuz will be opened free of charge
US Central Command (CentCom) has stated that "the southern route through the Strait of Hormuz remains free and open to all commercial vessels wishing to transit this international waterway."
While senior US government officials have announced that talks are progressing, no details have been made public on the form a potential agreement might take.
