RESOLVING THE LEDGER
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The U.S. military said the Strait of Hormuz was open for all commercial vessels to transit, after Treasury Secretary Scott Bessent claimed that an Iran deal is close.
U.S. Central Command said the "southern route of the Strait of Hormuz remains free and open" in a post on X, highlighting that it had assisted more than 1,000 vessels in transiting the waterway despite "unwarranted" Iranian aggression. The southern route passes through Omani territorial waters, rather than the part closer to Iran.
The announcement comes as oil prices also fell sharply Tuesday, following remarks by U.S. Treasury Scott Bessent that there may be a deal to open the Strait of Hormuz as soon as this week.
"We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict."
Brent , the international oil benchmark, climbed 0.43% on Wednesday to $79.7 per barrel after sliding 5.3% the day before. West Texas Intermediate futures inched up 0.21% to trade at $75.95, after falling 5.7% the day before.
After Bessent's remarks, a senior Middle East diplomat with direct knowledge of the talks between Iran and Oman told MS NOW that a great deal of pressure is being brought to bear on Oman by the U.S. and European countries to accept a temporary agreement with Iran to reopen the Strait of Hormuz.
MS NOW has also been told by a a senior Pakistan government official that a document on reopening the Strait of Hormuz is "close to being finalized."
The source, who didn't want to be identified because of the sensitive nature of the topic, added that the talks were being held between Iran and Oman whilst being mediated by Pakistan - with the U.S involved "indirectly."
Earlier on Tuesday, the White House and Pentagon insisted that U.S. forces had "more than enough" munitions, after reports that the U.S. military had used "virtually all" of its long-range precision missiles during the Iran war.
White House deputy press secretary Anna Kelly said that "the United States Military has more than enough munitions, ammo, and stockpiles to serve all of President Trump's strategic goals and beyond, and Operation Epic Fury has exposed what happens when you mess with the United States."
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