Tehran signaled Wednesday that it is close to finalizing a shipping arrangement with Oman covering the Strait of Hormuz, while U.S. President Donald Trump indicated an announcement could come within days. The development has fueled optimism that a months-long blockade weighing on global trade may soon ease.
An Iranian foreign ministry spokesperson said the draft agreement with Oman was nearly complete, adding that a joint statement would follow if outside parties — an apparent nod to Washington — did not interfere with the process.
According to regional officials familiar with the talks, negotiators from both countries have essentially finished drafting the deal and are now waiting on sign-off from Iran’s supreme leader, who is reportedly still recovering from injuries sustained early in the conflict and has kept a low public profile since.
The framework under discussion would reportedly split shipping traffic into two lanes — one route into the Gulf overseen by Iran, and a separate exit route managed by Oman, with fees attached for security and environmental services.
Washington’s position remains a sticking point. Any deal is expected to require the U.S. to lift its blockade on Iranian ports, something officials have been reluctant to do if it means granting Tehran durable authority over the waterway. The U.S. Secretary of State acknowledged movement in the talks but stopped short of calling them finished, warning that ceding strategic control of the strait to Iran could set an unwelcome precedent elsewhere.
Markets have already reacted to the prospect of a resolution — oil prices dropped and equities climbed on expectations that the standoff, which has driven up global fuel and consumer costs since the strait’s closure, may be nearing an end. Trump, who faces domestic pressure to wind down the conflict ahead of upcoming elections, has oscillated between warning of forceful retaliation if talks fail and voicing confidence that a resolution is near.
