Trump cites progress in Iran talks as hopes rise for Strait of Hormuz reopening

Washington, United States. U.S. President Donald Trump said his administration held “very good discussions” with Iran during all-day negotiations on Tuesday, raising expectations that the five-month conflict could be nearing an end.

Trump said the Strait of Hormuz would reopen “very soon”, while Iranian state media said any agreement would be delayed as long as the United States continued to threaten Iran.

Negotiations and market reaction

Trump told Fox News’ “@ Night” programme that the sides had held an all-day negotiation. He said that if Iran “back out again”, it would “get hit really hard”.

Oil prices fell and Asian stocks rose on Wednesday after Wall Street reached record highs, amid hopes for an agreement to restore shipping through the blockaded Strait of Hormuz.

Reported interim agreement

Axios, citing two regional sources and a U.S. official, reported that Washington and Tehran were nearing an interim agreement to reopen the strait, with the agreement of Oman, which controls part of the waterway.

The report said the United States was seeking an announcement on Wednesday.

Iranian state media, citing an informed source, said an agreement with Oman concerning the strait would be delayed while the United States continued to threaten Iran.

The Strait of Hormuz normally carries about one-fifth of global oil and liquefied natural gas shipments.

Conflict objectives and mediation

Trump has repeatedly threatened major strikes if Tehran did not reach an agreement, while also citing progress in talks that have so far not ended hostilities.

He has yet to achieve the objectives set at the start of the war: dismantling Iran’s nuclear programme, limiting its ability to attack regional rivals and creating conditions for Iranians to overthrow their clerical rulers.

Iran has halted most traffic through the Strait of Hormuz, while Washington maintains a blockade of Iran-related shipping and ports.

Qatar earlier said mediators were making progress in efforts to end the conflict, despite Tehran denying that talks were underway.

Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to narrow differences between Washington and Tehran and improve prospects for a lasting settlement during a telephone call on Tuesday, Qatar’s Emiri office said.