US diplomat Marco Rubio is in Bahrain as Washington seeks to hammer out a final settlement to end the war with Iran. Diplomacy is in full swing, with Brent crude falling to its lowest price since the start of the war in February.
Iran's Revolutionary Guards Corps has warned that safe passage through the Strait of Hormuz is only possible through routes designated by Iran, and that a new route announced without coordination with Iran is unacceptable and a safety risk.
The US has asked Congress for $87.6 billion in additional funding, most of it related to the Iran war. The funding request includes $67.15 billion for the military and will cover operational costs of the Iran war, including for military personnel and readiness.
Oil prices have dropped to pre-war levels, with Brent crude slipping to $72/barrel on Thursday. The exit of stranded tankers from the Strait of Hormuz has also eased supply concerns after months of disruptions.
