Iran and US Report Progress on Reopening Strait of Hormuz Amidst Ongoing Global Trade Disruptions

Iran and Oman have made progress towards an agreement to reopen the Strait of Hormuz, with U.S. President Donald Trump indicating a deal could be announced soon. This diplomatic development comes as disruptions in the critical waterway continue to exert significant downward pressure on global commerce, leading to sharp declines in exports of energy, fertilizers, and industrial products, including a 95% plummet in liquefied natural gas shipments. The ongoing turmoil has also multiplied LNG shipping costs and strained global supply chains.