US and Iran having 'very good discussions'. Trump

U.S. President Donald Trump said his administration had "very good discussions" with Iran during all-day negotiations ​on Tuesday, fuelling expectations of an imminent end to the five-month conflict.

Oil prices fell and stocks jumped in Asian trade on Wednesday ‌after Wall Street hit record highs on hopes that a deal could soon be reached to restore traffic through the blockaded Strait of Hormuz.

"They had an all-day negotiation," Trump told Fox News' "@ Night" show. The Strait of Hormuz "is going to be open very soon," Trump added. "If they back out again, they are going to get hit really hard."

Trump has ​often threatened massive strikes if Tehran did not reach an agreement and then cited progress in talks that have so far failed to ​end hostilities.

Axios, citing two regional sources and a U.S. official, reported the U.S. and Iran are closing in on an ⁠interim agreement to reopen the strait with the agreement of Oman, which controls part of the waterway. The report said Washington was aiming for an ​announcement on Wednesday.

However, Iranian state media, citing an informed source, said an agreement with Oman on the strait, which normally carries about a fifth of global ​oil and liquefied natural gas shipments, will be delayed "as long as the United States continues to threaten Iran."