Trump Hints at Deal to Reopen Key Waterway Amid Escalating Conflict
US President Donald Trump said a deal to reopen the Strait of Hormuz could be reached this week, easing pressure on the global economy and potentially bringing an end to the war.
The conflict has devolved into a fight over the strait, with Iranian attacks on shipping grinding traffic through the waterway to a halt. The US has previously ruled out any deal that would give Iran control over the strait.
Regional officials told AP negotiators have finalized a draft deal, and it is awaiting final approval from Iran's Supreme Leader Ayatollah Mojtaba Khamenei. The potential deal will pave the way for the US and Iran to resume negotiations on Tehran's nuclear program.
Oil prices initially eased on hopes of a deal that would allow shipping to resume but later inched upward, with Brent crude at around $80 per barrel on Wednesday.