Iran says Hormuz deal with Oman in final drafting stage; Trump hints at possible announcement
Iran announced on Wednesday that an agreement with Oman over the Strait of Hormuz is in its “final stage” of drafting. United States President Donald Trump has indicated that a deal could be announced soon, potentially reopening the crucial waterway and easing pressures on the global economy.
The agreement, however, is believed to depend on the US lifting its blockade on Iranian ports. Washington has previously rejected any arrangement that would recognise Tehran’s control over the strait, which it views as a significant concession and a deviation from international norms.
Iran has insisted on retaining a measure of control, stating it will not revert to the pre-war status of the strait as an open international waterway. The war, launched by the US and Israel on February 28, was aimed at toppling Tehran’s government and ending its nuclear programme. These objectives have not been achieved, and the conflict has increasingly centred on the strait, with Iranian actions against shipping nearly halting traffic.
The closure of the strait, which once carried about a fifth of the world's traded oil and natural gas, has driven up fuel and commodity prices, disrupting global markets. Trump faces mounting pressure to end the unpopular war ahead of US congressional elections.
Iran’s Foreign Ministry spokesman, Esmail Baghaei, said the agreement with Oman is in the “final stage” of drafting. He added that a joint statement would be issued “if certain parties do not obstruct this process,” in an apparent reference to the US.
According to two regional officials briefed on the negotiations and speaking to The Associated Press on Wednesday, Iranian and Omani negotiators have finalised the draft deal to reopen the strait. It now awaits final approval from Iran’s Supreme Leader, Ayatollah Mojtaba Khamenei, who is believed to have been wounded in the war's opening strikes and has not appeared in public since.
The officials described the potential deal as a temporary solution to the dispute over the strait. It is said to be linked to a June agreement between the US and Iran aimed at ending the fighting and reopening the waterway, which ultimately collapsed. The deal could also pave the way for renewed negotiations on Iran’s nuclear programme, the officials said.
Under the reported terms, ships would enter the Persian Gulf through an Iranian-controlled route and exit via a route overseen by Oman. Service fees would be charged for security and preservation of the marine environment. The US has strongly opposed any arrangement involving Iranian fees.
Asked on Tuesday evening about an Axios news report that an announcement on the strait could come soon, Trump said, “It could happen. Tomorrow or the next day. A lot of progress has been made.”
Global oil prices initially eased following the reports but later inched up. Brent crude, the international benchmark, traded around $80 per barrel on Wednesday, still well below levels reached at the height of the conflict.
In recent days, Trump has alternated between threatening massive strikes and expressing support for diplomatic efforts. Meanwhile, Yemen’s Iranian-backed Houthi rebels claimed Wednesday they fired ballistic missiles toward a Saudi oil tanker in the Red Sea off the port of Yanbu, without providing evidence. Saudi Arabia did not immediately comment.
The British military’s United Kingdom Maritime Trade Operations centre reported a loud explosion near a vessel in the Gulf of Aden, adding that the crew was safe. The Houthis also claimed a missile attack on another Saudi oil tanker. The recent escalation between the rebels and Saudi Arabia threatens to reignite Yemen’s civil conflict, adding further instability to the region.
