Iran and Oman are in the final stages of a joint agreement to manage commercial shipping in the Strait of Hormuz, the Iranian foreign ministry said.

President Trump told reporters Tuesday evening that an announcement on the Strait of Hormuz could happen today or tomorrow, following talks between Iran and Oman.

Seoul shares soared by more than 3.5 percent Wednesday as easing concerns over the profitability of AI investments and hopes for an interim agreement between the United States and Iran boosted investor sentiment.

The secretary of state said progress has been made in the Iran-Oman talks but that no final agreement has been reached, adding, "We're hoping that ‌will happen very ‌shortly."

Crude prices rose Wednesday after Yemen's Houthis claimed they had struck a Saudi Arabian oil tanker in the Red Sea.

President Donald Trump is insisting a deal over the Strait of Hormuz is imminent. But a former U.S. diplomat says any agreement involving Iran is unlikely to deliver the political win the president