Negotiations between Iran and Oman are reported to be close to finalising a draft that would reopen the Strait of Hormuz, giving Tehran control over vessels entering the Persian Gulf. An announcement could come as early as Wednesday, and Brent crude is trading near $80 a barrel, down from earlier peaks.
President Trump told reporters the deal could be announced tomorrow or the next day, while Iranian and Omani officials say a draft has been completed and awaits approval from Iran’s Supreme Leader. The United States has rejected any arrangement that would let Iran charge tolls, and attacks on shipping, including a missile strike on a Saudi tanker, continue.
The limited reopening would lift the bottleneck that has cut commercial traffic to as few as six vessels per day, easing oil‑supply concerns that have kept Brent near $80. Lower shipping risk and the prospect of restored flow are already supporting equity markets, while oil‑price volatility remains tied to any further developments in the strait.
Trump’s claim that a deal is imminent conflicts with Iranian statements that key details, such as the extent of Tehran’s control and toll arrangements, remain unresolved, and U.S. officials continue to oppose any toll‑charging mechanism.