The Hormuz crisis sees a turning point: Bassant claims the unblocking agreement may be finalized as soon as today, causing international crude oil prices to plummet.

The U.S. military has stated that the Strait of Hormuz is open for all merchant vessels. Previously, U.S. Treasury Secretary Besant claimed that an agreement with Iran was imminent. U.S. Central Command posted on the X platform that the "southern route through the Strait of Hormuz remains clear and open," emphasizing that despite facing "unprovoked" aggression from Iran, the military has assisted over 1,000 vessels in navigating this waterway. The southern route passes through the territorial waters of Oman, rather than the area near Iran. At the time of this statement, crude oil prices significantly dropped on Tuesday, following Treasury Secretary Besant's suggestion that an agreement to open the Strait of Hormuz could be reached as soon as this week. In an interview, Besant stated, "We are negotiating with the Iranians," adding, "It is possible that we could reach an agreement today or tomorrow to open the Strait and move the conflict toward a more normalized situation." The international crude oil benchmark, Brent crude, rose 0.43% on Wednesday to $79.7 per barrel after a 5.3% drop the previous day. WTI futures gained 0.21% to $75.95 per barrel after a 5.7% decline the day before. After Besant's remarks, a senior Middle East diplomat with direct knowledge of the negotiations between Iran and Oman told MS NOW that the U.S. and European countries are exerting significant pressure on Oman to accept a temporary agreement with Iran to reopen the Strait of Hormuz. A high-ranking official from the Pakistani government also told MS NOW that a document regarding the reopening of the Strait of Hormuz is "close to finalization." Due to the sensitivity of the topic, the unnamed source added that the negotiations are taking place between Iran and Oman, with Pakistan acting as a mediator, while the U.S. is involved "indirectly." U.S. Missile Shortage Earlier on Tuesday, reports indicated that U.S. military forces had nearly exhausted "all" of their long-range precision strike missiles during the Iran conflict; however, both the White House and the Pentagon insisted that the military has "plenty" of ammunition. Media reports suggest that the Army has depleted most of its inventory of Army Tactical Missile Systems (ATACMS) and Precision Strike Missiles (PrSM); CNN reported that nearly 80% of the interceptors for the THAAD missile defense system used to defend against ballistic missile attacks have been consumed. In response, President Trump stated that Washington "has far more ammunition than anyone else in the world, and far exceeds our needs." He also claimed that U.S. defense contractors "are producing more ammunition than ever before while expanding factories and equipment at record levels." White House Deputy Press Secretary Anna Kelly remarked, "The U.S. military has more than enough ammunition, arms, and inventory to achieve all of President Trump's strategic goals and more, while the 'Epic Rage Operation' has revealed the consequences of provoking the United States."