Iran and Oman Near Deal to Reopen Strait of Hormuz as Trump Signals Imminent Announcement

Iran has announced that it is in the final phase of drafting a pact with Oman that would reopen the Strait of Hormuz, a waterway that carries roughly twenty per cent of the world’s oil and gas trade. The proposal marks a shift from maximalist demands on either side to a managed reopening that would give Iran an official role in governing the strait.

The United States and Israel have kept the strait largely shut since the launch of joint military operations on 28 February, operations that were intended to remove Iran’s government and halt its nuclear programme. Those objectives have not been achieved and the conflict has evolved into a contest over control of the strait, with Iranian claims and attacks curbing ship traffic.

The closure has driven up global fuel and food prices, adding to inflationary pressures as the US presidential election approaches in November. A draft arrangement that would see inbound vessels using a corridor under Iranian control and outbound ships using one overseen by Oman could ease those pressures and potentially lower oil prices before the election, even if it means tolerating some Iranian influence.

The plan also includes fees for security and environmental protection services. Iranian Foreign Ministry spokesperson indicated that a joint statement would be issued if certain parties do not obstruct the process, a reference to the United States. Final approval still rests with Supreme Leader Ayatollah Mojtaba Khamenei, who has not appeared publicly since the war began.

Officials describe the deal as temporary and linked to a broader US‑Iran understanding reached in June that later collapsed. If enacted, the pact could open the way for renewed talks on Iran’s nuclear programme. The Trump administration has previously ruled out any agreement that would grant Iran permanent control of the strait, citing free navigation norms, and the White House has opposed Iran charging transit fees.

Vice President JD Vance has called the diplomatic effort messy and said progress often feels like moving backwards. On the economic front, Brent crude futures were trading around eighty dollars a barrel on Wednesday, lower than the peaks seen during the conflict but still above pre‑war levels.

In the wider region, Houthi rebels in Yemen claimed missile attacks on two Saudi oil tankers in the Red Sea, while the UK Maritime Trade Operations centre reported an explosion near a vessel in the Gulf of Aden. The Houthis also closed the Bab el‑Mandeb Strait to Saudi‑linked shipping in July.

Further tension was evident when the Israeli military warned residents of the Lebanese village of Mansouri to evacuate and carried out precise strikes in response to an alleged ceasefire breach. Negotiations in Rome on Israeli withdrawal and Hezbollah disarmament ended early because of developments on the ground, and a State Department official described the talks as extremely productive.