A deal with Iran on the Strait of Hormuz—with a truckload of caveats—could come as soon as today

The United States, Iran, and Oman are reportedly close to reaching an interim agreement to reopen the Strait of Hormuz, according to a report by Axios on Tuesday evening. However, Iranian media has indicated that the deal will be delayed if the U.S. continues to make threats. The Axios report, based on interviews with regional sources and a U.S. official, suggests that the negotiations have been ongoing for several weeks and aim to restore the U.S.-Iran ceasefire and resume nuclear talks between the two nations.

This development comes amidst conflicting statements from both the U.S. and Iran regarding the peace talks. U.S. President Donald Trump has repeatedly claimed that negotiations with Iran are ongoing, while Iranian officials have largely denied these claims. On Tuesday, Trump told Fox News that a deal to reopen Hormuz and denuclearize Tehran was "imminent," but he also warned Iran that it had a "last chance" for an agreement.

Iranian media reports indicate that the talks are taking place in Oman, with Iran stating that they are only in discussions with mediators over the reopening of Hormuz. Despite this, there have been signs of de-escalation in U.S.-Iran tensions over the past week. President Trump announced on the weekend that he had called off a planned strike against Iran, following a period of intense fighting between the two countries since February.

This ceasefire was largely shattered by the initial aggression, which included attacks on commercial vessels in the Strait of Hormuz. Iran has consistently claimed control of the waterway, while the U.S. opposes any potential tolls for its use. Prior to the conflict, the Strait of Hormuz supplied at least a fifth of the world's oil, with Iran effectively blocking it through missile and drone strikes, as well as mines and gunboats.