Crude Oil Prices Drop 10% This Week Amid Hopes Of A USA-Iran Deal | Top War Updates

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[00:00:00]Top story this evening. White House officials say the US and Iran have reached a tentative agreement to extend the ceasefire by another 60 days, though President Donald Trump has not signed off in it yet. Here is the latest developments as far as the best Asia conflict are concerned. Reports say that both nations will start negotiations to permanently end the war in the next 60 days. The deal reportedly stipulates [music] that vessel traffic would be unrestricted in the Strait of Hormuz.

[00:00:26]However, Iranian state media has reported that no text of a possible MOU has been finalized yet between Washington and Tehran. In a post on social media, Iran's parliament speaker Galibaf says, and I quote, "We seize concessions not through dialogue, but with missiles." He said that Tehran did not trust guarantees or words, only actions, adding that the winner of any agreement is the one who is better prepared for war from the day after.

[00:00:51]That's Iran's Galibaf. Now, speaking to reporters at the White House, US Treasury Secretary Scott Bessent says that Oman has assured the US that there are no plans of putting a tolling system in place in the Strait of Hormuz.

[00:01:03]Remember, it is jointly being controlled by Iran and Oman. Also said that prices will fall rapidly once the Strait is reopened. [music] This has Brent crude prices eased to see a weekly drop of over 10% on the hopes of a possible deal.

[00:01:18]Meanwhile, the US Vice President J.D.

[00:01:20]Vance says that both Tehran and Washington are making progress in their negotiations, adding that the US is now in a position where it could set back Iran's nuclear program substantially.

[00:01:30]Separately, in an interview to Fox News, President Trump says that military options remain on the table if negotiations fail to deliver an outcome that's favorable to the US.

[00:01:41]>> A deal that wasn't going to be good for us is the line ultimately, because you know, I'm playing it out and we're going to see, and that's what I do. I negotiate, they negotiate, they're very good negotiators, they're crafty.

[00:01:51]Uh but uh in the end, we have all the cards because we've defeated them militarily.

[00:01:57]Look, they have no navy. Every ship they have 159 ships. Every one of them are at the bottom of the sea. Every single one.

[00:02:04]We take pictures of them. We have people going down taking picture of hundreds of ships.

[00:02:09]Uh their navy is totally gone, 100%.

[00:02:11]Their air force is totally gone, 100%.

[00:02:14]Their military we sort of left it alone because we think that their military is somewhat uh somewhat moderate.

[00:02:23]>> If you look at what we've already accomplished here, assuming that we're able to get to a final agreement here, we're reopening the Strait of Hormuz, we've already decimated their conventional military, and we're in a position where we could substantially set back their nuclear program, not just during the term of this president, but over the long term. That's a very, very good thing for the American people. So, we're not there yet, but we're very close. We're going to keep on working at it.

[00:02:49]>> I think the president wanted to punctuate freedom of navigation in the Strait. I had a call with the Omani ambassador this morning, and he assured me that there were no plans for tolling the Strait. As he said, our countries have had 200 years of good relations. He wants to have another 200 more. And you know, I told him that this was a non-starter, and he did not want to risk either the Omani individuals or Omani financial institutions they are getting sanctioned.

[00:03:19]>> Well, that's the US Treasury Secretary Scott Bessent on his call with Oman's ambassador. And speaking of the Strait of Hormuz, Iran has claimed that 24 ships transited through the Strait in the last 24 hours. Now, this includes an India-bound LPG tanker. Speaking at a press conference, MEA spokesperson Randhir Jaiswal said that 11 Indian flagships continue to be stranded in the Persian Gulf.

[00:03:42]>> It is our understanding that 11 Indian vessels are still Indian flag vessels are still in the Persian Gulf region, and 14 of these ships they have come back. I mean, they were there in Persian the Persian Gulf, but they were able to cross the Strait of Hormuz, and they have reached India.