Oil prices will fall quickly, says Bessent. China agrees Hormuz must open.
Brent crude and WTI prices were rising early Thursday after a report of a ship seizure near the U.A.E. but developments in China are in focus.
The Latest: Iran Threatens to Respond After US Navy Seizes an Iranian-Flagged Cargo Ship
President Donald Trump says the U.S. seized an Iranian-flagged cargo ship that tried to get around its naval blockade near the Strait of Hormuz
Ship is reported seized off the coast of the UAE and is heading toward Iran
The British military says a ship anchored off the east coast of the United Arab Emirates has been seized and is heading toward Iranian territorial waters.
Trump says he's not under pressure over Iran war deal as status of peace talks remains unclear
Iran balked at President Trump's demands for a peace deal amid a standoff over the Strait of Hormuz, as fear the war could reignite hits oil and energy markets.
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US-Iran News Live: Trump Says Xi 'Would Like To Make A Deal' On Iran
Iran's Foreign Minister Abbas Araghchi says the UAE was 'directly involved' in military operations against Tehran, according to the semi-official Mehr news agency.
Trump and Hegseth claim ‘control’ over Iran and the Strait of Hormuz as ceasefire talks are stalled
Kuwait accused Iran of launching a failed attack earlier this month on an island where China is helping build a port in the Middle East nation.