Key Facts

• A top US official said a deal to restore shipping through the Strait of Hormuz could happen "today or tomorrow."
• Oil prices fell by more than 6% after the announcement, with Brent crude dropping below $79 per barrel.
• President Donald Trump warned Iran this was their "last chance" before severe consequences but remained hopeful about diplomacy.
• Iran denies negotiating with the US, although US officials say talks are taking place, facilitated by Oman and Qatar.
• The US and Israel launched surprise attacks on Iran in February, starting an ongoing conflict.
• The Strait of Hormuz is crucial for global oil shipments, and Iran wants to control and charge tolls on it, which the US opposes.
• Recent attacks in the region included a merchant ship hit in Hormuz and an Indian ship sinking in the Red Sea amid tensions.
• Qatar and Oman are mediating to reduce tensions, but no direct Iran-US talks have officially been confirmed by Iran or Qatar.