A Strait of Hormuz deal could be reached as early as Wednesday or Thursday, US President Donald Trump said, as Iran and Oman move closer to an agreement aimed at reopening the critical maritime route and potentially helping bring an end to the conflict.
Speaking to reporters travelling with him in California, Trump said significant progress had been made after being asked about a report suggesting an announcement could come soon.
“It could happen. Tomorrow or the next day. A lot of progress has been made,” he said.
Possible shipping arrangement under discussion
According to regional officials, talks between Iran and Oman are considering an arrangement that would allow ships to enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman.
The officials, who spoke on condition of anonymity due to the sensitivity of the negotiations, said service fees could be charged for security measures and protection of the maritime environment.
However, they stressed that discussions are ongoing and that the final agreement could take a different form.
Oil prices fall on hopes of reopening
Global oil prices eased following reports of progress, as markets reacted to the possibility that tankers could once again move freely through the waterway.
Brent crude, the international benchmark, fell by 1.2% to $78.43 per barrel early Wednesday.
The Strait of Hormuz is one of the world’s most important energy routes, with around one-fifth of global oil and natural gas supplies traditionally passing through it.
US rejects Iranian control over strait
The Trump administration has previously opposed any agreement that would give Iran control over the waterway.
US Secretary of State Marco Rubio said progress had been made in negotiations but that no final agreement had been reached.
US Treasury Secretary Scott Bessent also said there was a possibility of a deal that would reopen the strait and move towards a more normal situation in the conflict.
Iranian Foreign Ministry spokesman Esmail Baghaei said Tehran’s discussions with Oman focused on establishing safe shipping routes while respecting the interests of both countries.
Iran has denied negotiating directly with the United States, saying talks are only taking place with Oman.
Regional efforts to end conflict continue
Qatar’s Emir Sheikh Tamim bin Hamad Al Thani also spoke with Trump as part of efforts to help broker a diplomatic solution.
The talks come as Trump faces pressure to end a conflict that has increased energy prices and affected US military resources.
Trump said the reopening of the strait would be the first phase of a possible agreement, followed by discussions on nuclear issues.
Ships targeted near Hormuz and Red Sea
Separately, a cargo ship reported being hit by an unknown projectile while travelling through the Strait of Hormuz on Tuesday.
The United Kingdom Maritime Trade Operations centre said the vessel was damaged around 37 kilometres northeast of Al Khasab, Oman.
A separate Indian-flagged commercial ship sank in the Red Sea off Yemen after being struck by an explosive-laden boat, according to Yemeni and Indian authorities. The crew, including 13 Indians and one Yemeni national, was rescued.
No group immediately claimed responsibility, although Iran-backed Houthi militants have previously targeted ships in the Red Sea.
Also read: Greek-owned vessel hit in Strait of Hormuz, crew member missing
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