Live Updates: Rubio says progress made in Strait of Hormuz talks after Trump threatens 'decapitation'

Secretary of State Marco Rubio said Tuesday that progress has been made in talks between Iran and Oman on the Strait of Hormuz, "but not finality yet," adding, "We're hoping that will happen very shortly."

He made the comments after President Trump again backed down on attacks against Iran to allow for negotiations, saying, "I want to give them every last chance before decapitation. … We'll see what happens."

11:36 PM — Trump says Strait of Hormuz is "going to be open very soon" or Iran will be "hit very hard". In an interview with Fox News Tuesday night from Southern California, President Trump said that the Strait of Hormuz would open "very soon," or the U.S. would strike Iran.

"The Strait is going to be open very soon, or they're going to hit very hard, and then the Strait is going to be open," Mr. Trump said.

The state of commercial traffic through the strait remains murky. Iran and Oman have continued to allege that they have control of the vital waterway, through which about 20% of the world's global oil supply traverses.

"The southern route through the Strait of Hormuz remains free and open for all commercial vessels seeking to transit the international waterway," U.S. Central Command said later Tuesday.

The military added that American forces continue to strictly enforce the U.S. blockade against Iran. According to the source, the broad outlines have largely been agreed upon, with the remaining discussions focused on implementation and timing.

Wall Street stocks rose early Tuesday, extending a rally following strong corporate earnings and comments from Treasury Secretary Scott Bessent on Iran talks that pressured oil prices. Bessent told CNBC that the U.S. could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday. Iran has denied that the two sides are talking.