(Bloomberg) — President Donald Trump said a deal to restore shipping through the Strait of Hormuz could be reached within days, raising expectations that one of the world’s most important oil transit routes may soon reopen.
“It could happen. Tomorrow or the next day,” Trump told reporters Tuesday when asked about negotiations with Iran. “We’ll know in 48 hours.”
According to an Axios report citing U.S. and regional officials, the United States, Iran and Oman are preparing to announce a 60-day agreement that would allow commercial shipping to resume through the strategic waterway. Under the reported proposal, inbound vessels would travel through a northern shipping lane near Iran, while outbound traffic would use Omani waters. Iran and Oman would also work to clear mines from a central shipping lane to restore two-way navigation.
Iran, however, signaled that an agreement may not immediately result in the reopening of the strait. Iranian state television reported that any move to restore shipping would depend on what it described as a change in U.S. behavior.
The Strait of Hormuz handles roughly one-fifth of global oil supplies, making any progress toward restoring commercial traffic significant for global energy markets.
Oil prices have eased this week as prospects for a temporary agreement improved. However, concerns over regional security remain after Yemen’s Houthi militants threatened to expand attacks on shipping in the Red Sea, including Saudi oil tankers. The Red Sea has become an increasingly important export route for Saudi Arabia since disruptions to shipping through Hormuz.
The reported breakthrough follows months of conflict and stalled diplomacy between Washington and Tehran. While fighting has subsided in recent weeks, major issues—including Iran’s nuclear program and long-term security arrangements in the Gulf—remain unresolved.
Even if a temporary shipping agreement is reached, analysts caution that it would not necessarily signal a lasting resolution to the broader conflict. A previous ceasefire between the United States and Iran collapsed after less than a month amid disagreements over access to the Strait of Hormuz, underscoring the fragility of any future agreement.
About The Author
