Donald Trump said the Strait of Hormuz would open "very soon" or Iran would be "hit very hard" as oil prices fell to a three-week low amid hopes of a deal. Rubio said there had been progress made in discussions on getting more ships through the strait with Iran and Oman. Bessent said a deal to reopen the Strait of Hormuz could be agreed as soon as Wednesday. The Strait of Hormuz has been a central point in negotiations between the US and Iran. Analysts believe the threat to ships carrying oil in the Middle East is at its worst since the Iran war started.