US hints at imminent Hormuz deal as Iran-Oman engagement deepens
U.S. Treasury Secretary Scott Bessent on Tuesday signalled that an agreement to reopen the Strait of Hormuz could be reached imminently, describing the ongoing talks with Iran as close to a breakthrough.
Speaking to CNBC, Mr. Bessent said the deal could be finalised “today or tomorrow”, marking a notable shift from the heightened military rhetoric that has dominated recent exchanges between Washington and Tehran.
The comments come days after U.S. President Donald Trump warned of a potential military campaign that he described as one of the largest since World War II. The threat escalated tensions in the region, where the Strait of Hormuz serves as a critical chokepoint for global oil shipments.
Meanwhile, Iranian media reported that diplomatic engagement between Iran and Oman over the strait has entered a new phase. The reports suggest that Omani officials are playing a mediating role, facilitating communication between Tehran and Washington as both sides seek a negotiated resolution.
The Strait of Hormuz, located between the Persian Gulf and the Gulf of Oman, is a vital waterway through which about a fifth of the world's oil passes. Its closure or disruption would have severe consequences for global energy markets and international trade.
The potential reopening of the strait has been a central point of contention in recent talks. The United States has demanded guarantees for safe passage, while Iran has linked any agreement to broader discussions on sanctions and regional security.
Mr. Bessent's optimistic assessment is a positive development after weeks of escalating tensions. However, experts caution that the situation remains fluid and that a final agreement is not yet guaranteed.
Neither the White House nor Iranian officials have officially confirmed the details of the ongoing negotiations. Diplomats familiar with the talks have indicated that indirect channels, possibly through Oman, have been active in narrowing differences.
The potential agreement comes at a time when global markets are closely watching for any signs of stability in the region. Oil prices have fluctuated in response to the threats and counter-threats, and a diplomatic breakthrough could help ease supply concerns.
Observers note that the involvement of Oman, which has historically maintained good relations with both Iran and the United States, may provide a neutral platform for dialogue. The reported new phase of engagement suggests that both Tehran and Washington are exploring all avenues to avoid further escalation.
For now, the world waits as the diplomatic clock ticks. Whether the deal materialises in the coming days or slips away, the stakes remain high for regional stability and the global economy.
