The U.S. military said the Strait of Hormuz remains open to commercial shipping, as Treasury Secretary Scott Bessent stated that Washington is close to reaching a deal with Iran.

On Tuesday, CENTCOM took to X to say that the southern shipping route through the Strait of Hormuz, which runs via Omani waters, remains “free and open.” It added that it has helped more than 1,000 vessels transit the route despite what it called “unwarranted” Iranian aggression.

Trump Hails Iran Talks

Earlier on Tuesday, Bessent said the U.S. and Iran could reach a deal as early as Wednesday to reopen the Strait of Hormuz, restoring free commercial shipping.

He said the agreement would guarantee freedom of navigation without Iranian transit tolls, adding that hundreds, possibly over 1,000, ships are waiting to depart, with delays affecting energy, fertilizers, refined petroleum products, and industrial gases.

Meanwhile, President Donald Trump told Fox News’ “@ Night” show that his administration held “very good discussions” with Iran during all-day talks on Tuesday, raising expectations that the five-month conflict could soon end.

At the time of writing, Brent Oil Futures were trading 0.50% lower at $78.95 per barrel. At the same time, WTI crude oil futures were trading 1.20% lower at $74.86 per barrel.

Earlier, Reuters reported that the U.S. Army has used up most of its Army Tactical Missile Systems and Precision Strike Missiles. At the same time, another report said the military has depleted nearly 80% of its THAAD missile interceptors.

The White House disputed these concerns, saying U.S. stockpiles remain “more than enough” to meet Trump’s strategic objectives, reported CNBC.

Pressure Builds Over Hormuz Deal

Iran is seeking control over inbound shipping through the Strait of Hormuz and oversight of outbound traffic, with the ability to intervene if needed, under a temporary reopening plan being discussed with Oman, according to Reuters.

The proposal would route outbound vessels between Iran and Oman, with Oman issuing exit clearance after notifying Tehran. The source said Iran has already softened its stance from demanding full control over traffic in both directions.

According to MS NOW, a senior Middle East diplomat said the U.S. and European countries are pressuring Oman to accept a temporary agreement with Iran to reopen the Strait of Hormuz.

Separately, a senior Pakistani official said a draft document on reopening the waterway is close to completion, with talks involving Iran and Oman being mediated by Pakistan and the U.S. participating indirectly.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.

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