Rubio and Treasury Secretary Scott Bessent Reported Progress in Negotiations That Could Allow Shipments to Resume As Early As This Week

President Donald Trump said the U.S. is holding "very good talks" with Iran and that the Strait of Hormuz will reopen soon. Iran wants to make a deal; if there is no deal, it will be very bad for them, and we will hit them very hard, Trump said. Secretary of State Marco Rubio and Treasury Secretary Scott Bessent reported progress in negotiations that could allow shipments to resume as early as this week. Brent crude fell about 5% to below $80 a barrel on news that supply disruptions may ease, while West Texas Intermediate dropped more than 5% to $76. Both benchmarks hit their lowest levels since July 13. Previous talks aimed at easing U.S.-Iran tensions failed in recent months, causing volatility in oil markets and higher pump prices for drivers.