Iran conflict keeps Hormuz strait choked, new vessel strike reported off Oman

Negotiations to reopen the Strait of Hormuz remain deadlocked as Iran insists on collecting transit fees, a demand rejected by the U.S. and regional governments. The stalemate has cut Persian Gulf oil flows to about 36% of pre-war levels, and tensions were heightened Tuesday by a report from a British maritime agency of a projectile hitting a cargo vessel off Oman's coast. U.S. Treasury Secretary Scott Bessent said a deal could be reached by Wednesday, sending oil prices lower.