The Trump administration sparked optimism this week that a U.S.-Iran deal on the Strait of Hormuz was imminent, driving oil prices down and stocks higher, only for no agreement to materialize. Treasury Secretary Scott Bessent had said a deal to reopen the strait could come within hours. The conflict has now lasted more than five months, with Iran insisting it is negotiating with Oman rather than directly with the United States, contradicting Trump’s repeated assertions. Oil prices remain significantly elevated from prewar levels, as the Strait of Hormuz handles roughly 20% of the world’s oil traffic.
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