US treasury secretary says deal with Iran to reopen Hormuz could be sealed by Wednesday

Key Points:

• US Treasury Secretary Scott Bessent expressed optimism that a deal with Iran to reopen the Strait of Hormuz could be reached by Wednesday, potentially stabilizing global energy prices as ships are currently blocked from passage.
• Reports indicate a possible Iranian-Omani agreement requiring ships entering the Persian Gulf to pay service fees, granting Iran significant control over inbound shipping routes, though US officials dispute claims that tolls would be imposed or that Iran would have approval rights.
• Diplomatic efforts involving the US, Iran, Oman, and Gulf allies are ongoing to de-escalate tensions and reopen the strategic waterway, despite conflicting statements from US and Iranian officials about the status of negotiations.
• The US military has largely depleted its stockpiles of key long-range missiles, including Army Tactical Missile Systems (ATACMS) and Precision Strike Missiles (PrSM), raising concerns about sustaining prolonged conflict capabilities, although the White House asserts munitions production is at record levels.
• The conflict has intensified debate over the US president's authority to conduct hostilities against Iran without congressional approval, amid warnings from military leaders about dwindling defensive weapon supplies such as Patriot interceptors and THAAD systems.