U.S. Treasury Secretary Bessent said the U.S. will take all necessary measures to support the yen.

Refinitiv: senior Iranian officials said the plan will enable Iran to monitor outbound traffic through the Strait of Hormuz and, if necessary, intervene.

U.S. sources on the 3rd, citing Iranian and U.S. officials, said Iran and Oman are close to an agreement on navigation through the Strait of Hormuz. Under the draft, vessels entering the Persian Gulf would use an Iran-controlled lane near Iran’s coast while outbound ships would use a lane near Oman, and multiple Iranian officials said transiting vessels would pay a "service fee" to be split between Iran and Oman. A U.S. official familiar with the talks said Iran’s description was inaccurate and that any temporary lane in the Strait would not require Iranian approval and would not impose charges on passing ships.