The US has made headway in negotiations with Iran and Oman to permit more ships to cross the vital Strait of Hormuz, according to US Secretary of State Marco Rubio.
“There's been progress made in those talks, but not finality yet. We're hoping that will happen very shortly,” Rubio told reporters at the State Department, as reported by Al Jazeera.
He stated, "We're hoping that will happen very shortly." Rubio added that "there's a conversation and a negotiation that we are involved in between Oman and Iran on how more ships can be able to go through there safely in the short term," despite efforts to prevent some commercial vessels from passing through.
ALSO READ: US Stock Market Today: Dow Hits Record, Nasdaq Spikes 1.4% On Talks Of Hormuz Breakthrough
“There's oil moving right now through the straits. So, the straits are open,” he added.
Notably, oil prices fell sharply after US Treasury Secretary Scott Bessent said Washington and Tehran could strike a deal as early as Tuesday or Wednesday to restore "freedom of movement" through the Strait of Hormuz, easing concerns over disruptions to one of the world's busiest oil shipping lanes.
Speaking to CNBC's Squawk Box, Bessent said negotiations with Iran were progressing and an agreement could be reached within days.
"We are in talks with the Iranians. 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," Bessent said.
Following his remarks, US crude oil futures fell nearly 4%, slipping below $77 a barrel. This was the first time since July when the prices slipped below the $80-mark. The benchmark Brent crude, however, continued to hover slightly above $80 despite felling about 2%.
ALSO READ: 'Don't Need Bibi To Tell Me': Trump Dismisses Netanyahu's Intel Offer For Iran
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.