Trump's comments assume significance as tensions between the US and Iran have remained elevated over Tehrans nuclear activities, sanctions and regional security concerns. Recent developments in the Middle East have also intensified fears of escalation that could impact global trade routes and energy prices.

Trump’s shifting Iran strategy: promises of peace, renewed strikes and rising tensions in the Strait of Hormuz unsettle markets and test global confidence.

President Donald Trump on Wednesday dismissed a report that Iran and Oman would manage shipping through the Strait of Hormuz as part of a deal to end the war,