Trump Threatens Iran Over Hormuz Strait Dispute
US President Donald Trump has warned Iran that it will be 'hit very hard' if the Hormuz Strait does not open soon, as oil prices fell to a three-week low amid hopes of a deal. The Strait of Hormuz is a crucial waterway for global oil supplies, and its closure has led to a volatile market with prices at petrol pumps increasing worldwide.
The US president made his comments during a visit to California, after Secretary of State Marco Rubio and Treasury Secretary Scott Bessent said talks had progressed to allow shipments potentially to resume later this week. The price of Brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 (£60) on Tuesday, and continued to move lower on Wednesday.
Rubio said there had been progress made in discussions with Iran and Oman, but no details have been released about what a potential deal may look like. Bessent stated that a deal could be agreed as soon as Wednesday, which would allow for the reopening of the Strait and a return to 'a more normalised position'.