Oil Slumps as US-Iran Deal May Allow Strait of Hormuz to Reopen

His social media post capped weeks of fraught negotiations between the countries that seemed at times to be making little progress.

Hegseth's comments came as the Trump administration anticipated the signing of a memorandum of understanding with Iran that would begin a new round of negotiations aimed at permanently dismantling Tehran's nuclear program.

Gas prices in the US have surged due to global oil disruptions amid the Iran war, and remain elevated despite declining for three straight weeks.

Strait of Hormuz backlog could take weeks to clear after US-Iran deal