US signals progress on Iran deal to reopen Strait of Hormuz despite fresh clashes

The United States is signaling that a deal with Iran may still be within reach, even as fresh clashes in and around the Strait of Hormuz keep the situation volatile and raise doubts about whether any agreement can hold. According to Bloomberg, U.S. officials say progress is being made on a peace framework to end nearly three months of war, but the overnight exchange of strikes has left security in the key waterway uncertain.

The latest diplomacy appears to be moving in phases. Bloomberg’s reporting says President Donald Trump has described talks with Tehran as advancing, while Secretary of State Marco Rubio has said any agreement could still take several days to finalize. The discussion centers on an initial step that would reopen the Strait of Hormuz and ease the immediate maritime crisis, with nuclear issues potentially left for later negotiations.

That sequencing matters because the Strait of Hormuz is one of the world’s most important energy chokepoints, and any disruption can quickly ripple through global markets. Bloomberg reported that security in the waterway remained unclear after the two sides exchanged strikes overnight, and U.S. Central Command pushed back on claims that American forces were escorting vessels through the area.

The diplomatic push also appears to be shaping expectations across commodities markets. Oil fell on optimism that Washington and Tehran could still reach a peace deal, even as tensions over the strait remained unresolved. Gold, by contrast, held a loss as traders weighed the chances of a U.S.-Iran breakthrough against the risk that the conflict could keep inflation and interest rates elevated for longer. Base metals moved higher, with copper advancing and aluminum headed for its strongest close in four years, reflecting cautious optimism that a deal could improve the broader trade and shipping outlook.

The apparent U.S. posture comes amid reports of a possible phased arrangement, under which maritime access could be restored before the nuclear question is settled. Bloomberg’s coverage indicates that this approach is still fragile, with Iran signaling it remains prepared to respond if it believes the ceasefire has been violated. CBS News also reported that Iran has floated an offer to reopen the strait if the U.S. drops its blockade, though that proposal would leave the nuclear issue for later and may not satisfy Washington’s demands.

What happens next will likely depend on whether both sides can agree on an initial ceasefire mechanism that reduces immediate pressure in the Persian Gulf without collapsing under the larger dispute over Iran’s nuclear program. For now, the U.S. is presenting the negotiations as moving forward, but the renewed hostilities suggest that even limited progress could be easily derailed.