The U.S. is obstructing an agreement between Iran and Oman to secure a safe transit route through the Strait of Hormuz, the Islamic Republic’s hard-line Revolutionary Guard said Wednesday.

Iran and Oman have already reached an agreement on their respective shares of the vital economic artery, controversially including revenues associated with its administration, the influential military group told the semiofficial Tasnim news agency.

The Revolutionary Guard said the strait would remain closed if the U.S. does not accept Iran’s conditions.

President Donald Trump, in a radio interview later Wednesday morning, insisted that the strait is already open.

“We take a lot of ships through the strait now. We’re taking them in,” Trump told conservative radio host Glenn Beck.

“Every once in a while there’ll be a drone or a rocket or something shot, but it is a very functioning strait. A lot of oil is pouring out,” the president said.

The IRGC’s statement came after Iran and Oman said in a joint statement Tuesday that their respective foreign ministers had discussed a “proposed framework” to establish “a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines.”

Trump has recently claimed that the U.S. and Iran are engaged in behind-the-scenes negotiations, even as Tehran has denied any such talks are taking place. Last week, however, Trump said the parties were done talking and had no plans to resume communications.

In an interview with Al Jazeera on Wednesday, Trump said he’s in no hurry to restart negotiations with Iran.

“I have no time schedule, none. I’m not in a hurry. I have no time schedule at all,” Trump said when asked how much time he was giving Iran to return to talks.

Trump also told Al Jazeera that he thinks economic measures and military operations against Iran “are both effective.”

Two days earlier, Treasury Secretary Scott Bessent announced a plan to economically isolate Iran by threatening to slap secondary sanctions on the Islamic Republic’s “enablers.” Those sanctions, unveiled nearly six months into the war, have yet to be imposed.

Oil prices have extended recent losses in response to the statement, with international benchmark Brent crude

Just five commodity vessels transited the Strait of Hormuz on Tuesday, below the 10-day average of 15, according to preliminary data from Kpler. Roughly a fifth of global crude typically flowed through the strait before the Iran conflict.

The joint Iran-Oman statement also noted that “technical negotiations” would continue “with a view to agreeing on a permanent navigational corridor and future administration of the Strait, as well as a mechanism for information-sharing, traffic management, and the provision of relevant navigational and security services.”

Contributing to pressure on oil prices in recent days, the U.S. has reportedly started returning its diplomats to Gulf states – suggesting Washington does not currently expect military escalation. Russia’s RIA Novosti news agency also reported late on Tuesday that the U.S. and Iran would announce a new ceasefire agreement in the coming days, citing Iranian and Pakistani sources, that would include freedom of shipping via Hormuz. However, this could not be independently verified, and the White House did not respond to MS NOW’s request for comment.

U.S. holds back on secondary sanctions

It comes after Bessent’s pledge on Monday to launch an “economic D-day” on the Iranian regime, threatening to target Tehran’s “enablers” and trading partners in efforts to strangle its economy. This included a list of 60 individuals, entities and vessels.

However, the U.S. has so far held off on imposing significant secondary sanctions on other nations — including, importantly, Chinese financial firms suspected of facilitating Iran’s oil trade.

“Why would I want to blow up the global financial system? We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious,” Bessent said Monday.

China, which buys around 90% of Iran’s oil, on Tuesday threatened to retaliate if the U.S. opted to expand economic pressure on nations trading with Tehran.

Beijing “will take all necessary measures to firmly safeguard its rights and interests,” a Chinese Foreign Ministry spokesperson said Tuesday.

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Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

President Donald Trump’s administration is reportedly considering new tariffs on chips, while tech giant Nvidia is increasing support for Chinese artificial intelligence models.

Hardening its stance against Iran, the U.S. confirmed that it was not in talks with Tehran, even as diplomatic efforts by other countries were ongoing, raising concerns that the Middle-East conflict could carry on for longer.

What you need to know today

Tariffs are back in the spotlight. The Trump administration is reportedly mulling over new duties on semiconductors, as the artificial intelligence infrastructure build-out race between the U.S. and China continues to intensify.

There is growing anxiety among U.S. lawmakers regarding the adoption of Chinese AI models by American companies, as they have made significant capability leaps this year.

Meanwhile, tech giant Nvidia, which added more than $400 billion in value following its blockbuster earnings, is increasing support for Chinese artificial intelligence models as it warns of a crackdown by the U.S.

South Korean memory maker SK Hynix is boosting its presence in the U.S. with a new factory in Indiana, an investment that predates, but aligns with South Korea’s $350 billion investment pledge. CEO Kwak Noh-Jung said that the factory will make the state a “key HBM production base in America” by 2030.

Ratcheting up tensions with Canada, Trump on Thursday signed an executive order “immediately” renaming Lake Ontario to “Lake America.”

In markets, the S&P 500 and the Nasdaq Composite closed higher overnight, as sentiment was supported by the latest earnings reports from Nvidia and other well-known technology companies. U.S. futures were little changed, while Asia markets were broadly mixed on Thursday.

Over in the Middle East, tensions between the U.S. and Iran continue to simmer, pushing oil prices higher after Washington confirmed that the U.S. was not in talks with Iran, even as there were diplomatic efforts by other countries.

—Justina Lee

And finally…

FDA approves daily HIV pill from Gilead designed to simplify treatment for some patients

The Food and Drug Administration approved a once-daily HIV pill from Gilead that could help simplify care for some patients, the company announced Thursday.

The drug, marketed as Bixlenvo, is aimed at patients whose virus is already under control but who remain on complicated treatment regimens. It could also appeal to those who simply want to switch to a new treatment alternative.

The tablet combines bictegravir, the backbone of Gilead’s blockbuster HIV pill Biktarvy, with lenacapavir, a first-in-class capsid inhibitor that has become a centerpiece of the company’s long-term strategy for HIV treatment and prevention.

—Annika Kim Constantino

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The United States is preventing Iran and Oman from finalizing a deal to guarantee safe passage through the Strait of Hormuz, the Islamic Republic’s hard-line Revolutionary Guard declared on Wednesday.

Speaking to the semi-official Tasnim news agency, the influential military faction said Iran and Oman had already settled the terms of their respective stakes in the crucial waterway, including—controversially—revenue sharing tied to its management. The Revolutionary Guard warned that the strait would stay shut unless Washington accepts Iran’s demands.

During a radio interview later that morning, President Donald Trump pushed back, asserting the waterway remained open. “We take a lot of ships through the strait now. We’re taking them in,” Trump told conservative radio host Glenn Beck. “Every once in a while there’ll be a drone or a rocket or something shot, but it is a very functioning strait. A lot of oil is pouring out,” the president added.

The IRGC’s remarks followed a joint statement from Iran and Oman on Tuesday, in which the two nations announced that their foreign ministers had reviewed a “proposed framework” to create “a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines.”

Trump has recently suggested that the U.S. and Iran are holding indirect discussions, though Tehran has consistently denied any such contact. Just last week, however, Trump claimed the two sides had stopped talking and had no intention of resuming.

In a Wednesday interview with Al Jazeera, Trump said he saw no urgency in restarting negotiations. “I have no time schedule, none. I’m not in a hurry. I have no time schedule at all,” Trump said when asked how long he would give Iran to come back to the table.

Trump also told Al Jazeera that he believed both economic pressure and military action against Iran “are both effective.”

Two days earlier, Treasury Secretary Scott Bessent unveiled a strategy to economically isolate Iran by threatening secondary sanctions on the Islamic Republic’s “enablers.” Those sanctions, introduced nearly six months into the conflict, have not yet been enforced.

Oil prices have continued to slide in the wake of the statement, with international benchmark Brent crude—

Just five commodity vessels passed through the Strait of Hormuz on Tuesday, well below the 10-day average of 15, according to preliminary Kpler data. Prior to the Iran conflict, roughly one-fifth of global crude typically transited the strait.

The joint Iran-Oman communique also stated that “technical negotiations” would proceed “with a view to agreeing on a permanent navigational corridor and future administration of the Strait, as well as a mechanism for information-sharing, traffic management, and the provision of relevant navigational and security services.”

Adding to downward pressure on oil prices in recent days, the U.S. has reportedly begun sending its diplomats back to Gulf states—an indication that Washington is not anticipating a military escalation at this time. Russia’s RIA Novosti news agency also reported late Tuesday that the U.S. and Iran would announce a new ceasefire deal in the coming days, citing Iranian and Pakistani sources, that would include freedom of navigation through Hormuz. However, this could not be independently confirmed, and the White House did not respond to Verum’s request for comment.

U.S. holds back on secondary sanctions

The development comes after Bessent’s Monday pledge to launch an “economic D-day” against the Iranian regime, threatening to target Tehran’s “enablers” and trading partners in an effort to squeeze its economy. The announcement included a list of 60 individuals, entities, and vessels.

However, the U.S. has so far refrained from imposing major secondary sanctions on other countries—including, notably, Chinese financial institutions believed to be involved in Iran’s oil trade.

“Why would I want to blow up the global financial system? We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious,” Bessent said Monday.

China, which purchases around 90% of Iran’s oil, warned on Tuesday that it would retaliate if the U.S. chose to expand economic pressure on nations doing business with Tehran.

Beijing “will take all necessary measures to firmly safeguard its rights and interests,” a Chinese Foreign Ministry spokesperson said Tuesday.