Iran has resumed discussions with Oman on reopening safe passage through the Strait of Hormuz as President Donald Trump said all mines in the strategic waterway had been removed.
US Stock Futures, Oil Prices Slip As Asian Markets Trade Mixed
Late Tuesday, Dow futures fell 26.00 points, or 0.05%, to 53,619.00, while S&P 500 futures declined 13.75 points, or 0.18%, to 7,678.25. Nasdaq 100 futures slipped 119.25 points, or 0.41%, to 29,157.50 as of around 8:47 p.m. EDT.
In commodities, WTI crude oil fell 1.97% to $80.74 per barrel, while Brent crude declined 2.14% to $86.68 per barrel. Natural gas futures advanced 1.34% to $2.807 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 98.917, up 0.02% as of around 6:27 a.m. IST.
Asian markets traded mixed, with South Korea’s KOSPI rising 0.16% to 6,753.41, while Japan’s Nikkei 225 fell 0.44% to 65,568.24.
Iran, Oman Discuss Temporary Strait of Hormuz Corridor
Iran and Oman said they had discussed a framework for a temporary navigational corridor through the Strait of Hormuz and agreed to work on clearing mines from the waterway, Reuters reported.
The talks aim to restore safer shipping through a route that previously handled about one-fifth of global oil and liquefied natural gas shipments.
The discussions come as diplomatic efforts between Iran and the U.S. remain stalled, while Washington continues to increase economic pressure on Tehran through sanctions.
Trump Says Strait of Hormuz Mines Have Been Cleared
On Tuesday, Trump also said that all mines in international waters of the Strait of Hormuz had been removed or detonated. He also warned Iran against attempting to lay additional mines, saying the U.S. would respond forcefully.
Despite Trump’s statement and the Iran-Oman talks, commercial shipping through the waterway remains highly risky.
An oil tanker was hit by an unidentified projectile Tuesday and disabled about 9 nautical miles (17 kilometers) northeast of Ash Shishah, Oman, near the entrance to the Strait of Hormuz, according to the U.K. Maritime Trade Operations.
US Reportedly Returns Diplomats to Middle East Posts
Meanwhile, the U.S. has begun returning personnel to some diplomatic missions in the Middle East that were evacuated or scaled back during the conflict, the report noted, citing two people familiar with the matter.
The phased move, which includes posts in Lebanon, Israel, Saudi Arabia and Baghdad, suggests Washington believes the immediate risk of further escalation has eased.
However, some embassies will initially operate with reduced staffing as U.S. officials continue to assess security conditions.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Below the Sky
