Reports: Iran Could Reopen Strait of Hormuz Within Seven Days

Iran may reopen the Strait of Hormuz within seven days as Donald Trump says the US is progressing toward a deal, sending oil prices lower.

Reports indicate that Iran could reopen the Strait of Hormuz within seven days, according to news outlets Arabian Business and Seeking Alpha. The move comes amid statements by Donald Trump that the United States is moving toward a deal with Tehran.

Following reports of Iran's reported offer to allow traffic through the strategic shipping corridor once again, global oil prices extended their decline. Further details regarding the terms of the emerging arrangement and the reopening of the strait have not yet been officially released.