US, Iran, Oman Near Interim Deal to Reopen Strait of Hormuz

The United States, Iran, and Oman are reportedly close to reaching an interim agreement to reopen the Strait of Hormuz, following weeks of negotiations. This agreement, initially set for 60 days with an option for extension, aims to reinforce the ceasefire between the US and Iran and create an opportunity to restart negotiations over Iran’s nuclear program.

Under the proposed framework, Iran would gain greater oversight of shipping traffic. Vessels entering the Gulf would use the northern shipping lane within Iranian waters, while outbound traffic would use the southern lane in Omani waters, coordinated in consultation with Iran. No transit tolls or fees would be charged during this 60-day period. There are also plans to clear naval mines from the central shipping lane within 30 days, after which it would be incorporated into a permanent traffic management arrangement jointly overseen by Iran and Oman.

Mediation efforts involved officials from Oman, Qatar, Pakistan, and Saudi Arabia. US envoy Steve Witkoff, Iranian Foreign Minister Abbas Araghchi, and Omani Foreign Minister Badr Albusaidi have held several telephone discussions. Iranian Foreign Minister Araghchi gave preliminary approval over the weekend, and the Iranian leadership reportedly completed its approval process on Tuesday. A formal announcement from the United States is expected today.

US President Donald Trump has reportedly stated that nuclear talks with Iran would be next, following the expected reopening of the Strait of Hormuz.

Mediators, including Qatar, have reported progress in efforts to end the US-Iran war, leading to a significant drop in oil prices. Benchmark Brent crude fell more than four per cent following these comments. Despite hopes for a resolution, the Strait of Hormuz remains largely shut, with another ship reportedly coming under attack while attempting to cross. US President Donald Trump stated that talks with Tehran had begun and Iran faced a "last chance" for a deal. However, Iranian officials have insisted that no negotiations with the United States are taking place, clarifying that their only discussions are with Oman regarding the strait, and no major meetings were planned this week. This diplomatic activity follows Trump's recent decision to cancel what he described as "massive attacks" on Iran.

US Secretary of State Marco Rubio stated on Tuesday that progress has been made in discussions with Iran and Oman regarding increased shipping through the Strait of Hormuz, though a final agreement has not yet been reached. He expressed hope that an agreement would be finalized very shortly. Meanwhile, Qatar’s Foreign Ministry spokesperson Majed Al Ansari confirmed that diplomatic efforts to resolve the US-Iran dispute are active, with mediators including Qatar, Pakistan, and Oman facilitating negotiations and exchanging draft proposals. Iran is reportedly seeking greater control over Hormuz shipping in talks held in Oman.