Strait of Hormuz Negotiations Make Progress, Oil Prices Steady

Oil prices remained stable on Wednesday as negotiations over the Strait of Hormuz made progress.

The United States, Iran, and Oman are working towards a temporary agreement that would allow vessels to transit through Iranian territorial waters while outbound ships pass through Omani waters in coordination with Tehran.

US President Donald Trump said in an interview with Fox News on Tuesday evening that negotiations had continued throughout the day, adding, 'Things seem to be going very well.'

US Treasury Secretary Scott Bessent told CNBC that an agreement to reopen the strategic waterway could be reached later this week.

The Strait of Hormuz is a critical artery for transporting oil, natural gas, fertilizers, and industrial products.