Trump: Deal to Reopen Strait of Hormuz Could Happen Soon

U.S. President Donald Trump stated on Tuesday that an agreement to reopen the Strait of Hormuz could be reached imminently. Negotiations between Iran and Oman concerning the vital waterway, crucial for global trade, are nearing a potential conclusion.

The reopening of the strait is expected to ease global economic pressure and could contribute to ending the ongoing conflict. The closure of Hormuz has led to increased fuel and goods prices worldwide, impacting the global economy.

Speaking to reporters while traveling in California, President Trump expressed optimism about the progress made, suggesting an announcement could occur as early as Wednesday or Thursday. Oil prices initially reacted to the news with a decline but have since seen an upward trend.

Regional officials told The Associated Press on Wednesday that Iranian and Omani negotiators had finalized a draft deal to reopen the Strait of Hormuz, pending final approval from Iran's supreme leader. The officials described the potential deal as a temporary solution tied to a previous U.S.-Iran agreement that aimed to end the conflict and reopen the strait, but which ultimately failed. The proposed agreement would allow ships to transit the Persian Gulf via an Iranian-controlled route and exit via an Omani-controlled route, with service fees for security and environmental preservation. Oman and Iran have not officially commented on the reports.