US, Iran, Oman near Strait of Hormuz deal

The U.S., Iran and Oman are nearing an interim agreement to reopen the Strait of Hormuz.2 Negotiators aim to announce the deal on Wednesday, according to two regional sources and a U.S. official.2 The agreement is intended to resume the U.S.-Iran ceasefire and restart negotiations over a nuclear deal.2

Oil prices nudged higher on Wednesday after declines, as investors monitored diplomatic efforts to end the U.S.-Iran standoff.3 Progress is reportedly being made by negotiators to restore access to the Strait of Hormuz.3 U.S. crude and gasoline inventories increased last week, while distillate stocks declined.3

Oil prices fell as U.S. officials highlighted progress in talks to reopen the Strait of Hormuz.4 The U.S. stock market reached a record high amid expectations that the Strait of Hormuz would reopen.4 Iran's senior adviser to the Supreme Leader warned the U.S. against directing shipping traffic in the Strait of Hormuz.1