Trump Hails Ongoing Talks with Iran Amid Strait of Hormuz Tensions
President Donald Trump announced that negotiations with Iran are ongoing to reopen the Strait of Hormuz as early as Tuesday, despite Tehran denying any talks. The diplomatic confusion comes amid an attack on a cargo vessel near the strait's Oman coast.
The international oil benchmark Brent crude rose by 2.7% on Tuesday, reflecting uncertainty in the market rather than confidence in the diplomatic process.
Treasury Secretary Scott Bessent told CNBC that there is a chance of a deal today or tomorrow to open the strait and move towards a more normalized position in the conflict.