Trump announces 'very good discussions' with Iran, hopes rise for Strait of Hormuz deal

President Donald Trump announced "very good discussions" with Iran on Tuesday, fueling expectations of an imminent end to a five-month conflict. Oil prices fell and stocks rose in Asian trade on Wednesday after Wall Street hit record highs on hopes that a deal could soon be reached to restore traffic through the blockaded Strait of Hormuz.

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They had an all-day negotiation.

"They had an all-day negotiation," Trump told Fox News. "The Strait of Hormuz is going to be open very soon," he added. "If they back out again, they are going to get hit really hard." Trump has often threatened massive strikes if Tehran did not reach an agreement and then cited progress in talks that have so far failed to end hostilities.

Axios, citing two regional sources and a U.S. official, reported that the U.S. and Iran are closing in on an interim agreement to reopen the strait with the agreement of Oman. The report said Washington was aiming for an announcement on Wednesday. However, Iranian state media, citing an informed source, said an agreement with Oman on the strait will be delayed "as long as the United States continues to threaten Iran."

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The Strait of Hormuz is going to be open very soon.

Trump has yet to achieve his stated objectives: dismantling Iran's nuclear program, curbing its regional attacks, and creating conditions for Iranians to overthrow their clerical rulers. Iran has halted most traffic through Hormuz while Washington maintains a blockade of Iran-related shipping. Qatar's Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to narrow differences between Washington and Tehran with Trump on Tuesday, according to Qatar's Emiri office.

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If they back out again, they are going to get hit really hard.

Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, said talks with Oman over transit through the strait were positive and continuing, focusing on establishing safe shipping lanes. He added the route being negotiated aims to ensure the sovereign rights and national security of both Iran and Oman. Iran has long demanded control over the Strait of Hormuz, which it says it should share with Oman. Tehran rejected an Omani proposal last week that would have allowed shared oversight and fee collection from ships.

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as long as the United States continues to threaten Iran.