Iran's oil minister Paknejad said once an agreement is reached, Iran's oil industry would become the world's largest platform for investment opportunities, technology and financial cooperation.

As of about six hours after initial reports, the U.S. had not issued a formal response to reports that the Strait of Hormuz was closed. CENTCOM said 55 vessels transited the strait that day carrying roughly 17 million barrels of oil, and reiterated that Iran has no right to control the waterway and that the strait remains open. Vice President Pence was being interviewed when the reports broke and President Trump posted on social media without addressing the incident; the administration has not released a unified official statement.

Market sources: In Switzerland the US will press Iran to allow UN nuclear inspectors back into key nuclear sites, using the unfreezing of tens of billions of dollars of frozen Iranian assets as the primary incentive. The issue is expected to be one of the most critical in the first round of talks.