President Donald Trump has claimed his administration had "very good discussions" with Iran all day Tuesday, raising hopes for a possible, quick end to the five-month conflict.
Oil prices fell and stocks jumped in Asian trade Wednesday, after Wall Street hit record highs on hopes that a deal could soon be reached to restore traffic through the blockaded Strait of Hormuz.
"They had an all-day negotiation," Trump told Fox News' "@ Night" show. The Strait of Hormuz "is going to be open very soon," Trump added. "If they back out again, they are going to get hit really hard."
Trump has often threatened massive strikes if Tehran did not reach an agreement and then cited progress in talks that have so far failed to end hostilities.
Axios, citing two regional sources and a U.S. official, reported the U.S. and Iran are closing in on an interim agreement to reopen the strait with the agreement of Oman, which controls part of the waterway. The report said Washington was aiming for an announcement Wednesday.
