NEW YORK — President Donald Trump warned Wednesday that Iran would be "hit very hard" if it does not soon reopen the Strait of Hormuz, even as oil prices fell to a three-week low on growing hopes that a deal to resume shipping through the critical waterway could be reached within days.

Trump made the comments in an interview with Fox News, insisting the strait would open "very soon" or face serious consequences. The remarks came shortly after Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both signaled that negotiations had advanced far enough to potentially allow oil shipments to resume through the strait later this week.

Oil Prices Continue to Slide

The price of Brent crude, the global benchmark for oil, fell by almost 5% on Tuesday to under $80 a barrel on news that supply disruptions in the region could soon ease. The decline continued into Wednesday trading in Asia, with prices down roughly 0.7% further. U.S. West Texas Intermediate crude also dropped more than 5% on Tuesday, settling at $76 a barrel, with both benchmark contracts falling to their lowest levels since mid-July.

Despite the recent slide, the oil market has remained highly volatile throughout the monthslong conflict, as repeated rounds of negotiations have failed to produce a lasting de-escalation, leaving motorists around the world exposed to sharp swings in fuel prices whenever talks appear to stall or advance.

Officials Point to Progress, but Caution Remains

Speaking during a visit to California, Trump said the two sides were "having very good discussions," and........

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