Trump: Hormuz Will Be Open 'Very Soon'

President Trump is signaling that relief may be coming soon to one of the world's most important oil chokepoints. Traveling in California on Tuesday, Trump said talks with Iran over the Strait of Hormuz are going "very good" and that an agreement to fully reopen and secure the waterway could be reached "tomorrow or the next day," reports CNBC. He told Fox News the strait would be "open very soon," but warned Iran would be hit "really hard" if it backs out.

The Pentagon says a southern route through Omani waters is already operating, with over 1,000 vessels assisted despite Iranian aggression. The comments, echoed by Treasury Secretary Scott Bessent, helped drive oil prices sharply lower Tuesday before a modest rebound. Behind the scenes, Oman and Pakistan are mediating, with the US involved indirectly. Meanwhile, Washington is pushing back on reports of a missile shortage.