U.S. President Donald Trump said Wednesday that an agreement to reopen the Strait of Hormuz could be reached as early as Wednesday or Thursday, signaling progress in negotiations involving Iran and Oman aimed at restoring shipping through one of the world's most strategic waterways.
Speaking to reporters while traveling in California on Tuesday evening local time, Trump expressed optimism after reports that a breakthrough was imminent.
"It could happen. Tomorrow or the next day. A lot of progress has been made," Trump said.
The Strait of Hormuz has become the central flashpoint in the conflict after Iran's attacks and threats effectively disrupted commercial shipping. Before the crisis, roughly one-fifth of the world's oil and natural gas exports passed through the waterway, making its closure a major driver of rising global energy prices and inflation.
Brent crude prices fell 1.2% to $78.43 a barrel on Wednesday as markets reacted positively to the prospect of a deal that could restore maritime traffic.
Despite diplomatic momentum, violence continued across the region.
Iran-backed Houthi rebels claimed responsibility for launching ballistic missiles at the Saudi oil tanker Wafa in the Red Sea near the port of Yanbu, though Saudi authorities did not immediately comment on the attack. The strike comes amid escalating tensions between the Houthis and Saudi Arabia, raising concerns over a renewed conflict in Yemen.
Separately, an Indian-flagged commercial vessel sank off Yemen after being struck by an explosive-laden boat, while another cargo ship reported being hit by an unidentified projectile while transiting the Strait of Hormuz. British maritime security authorities said the vessel sustained damage.
According to regional officials cited by the Associated Press, the emerging agreement would establish separate inbound and outbound shipping lanes, with vessels entering the Persian Gulf through an Iranian-controlled route and exiting via a route managed by Oman. Security and maritime service fees would reportedly be charged under the arrangement, although negotiations remain ongoing and the final framework could still change.
The Trump administration has previously opposed any arrangement that would formally grant Iran control over the strait. Trump reiterated this position earlier this week, saying, "I'm not going to let them charge. Anybody's going to charge, we'll charge."
Iranian Foreign Ministry spokesman Esmail Baghaei confirmed that discussions with Oman are focused on creating secure shipping corridors that respect the sovereignty and security interests of both countries, adding that the outcome would be announced once negotiations conclude.
U.S. Secretary of State Marco Rubio also acknowledged that negotiations had made progress but cautioned that no final agreement had yet been reached. Treasury Secretary Scott Bessent likewise said there was a realistic chance that a deal could be finalized within days.
Trump said the reopening of the Strait of Hormuz would mark only the first phase of broader negotiations.
"The first phase is the opening of the straits. The second phase will be the denuclearization. And that will take a little while," he said.
