Trump says Hormuz deal could be announced as early as Wednesday

U.S. President Donald Trump indicated on Tuesday evening that a deal to reopen the Strait of Hormuz could be announced as early as Wednesday or Thursday. The critical waterway, which has been blocked since Iran attacked U.S. forces on February 28, is vital for global oil and gas trade. The potential agreement would establish separate shipping routes controlled by Iran and Oman, with service fees charged for security and environmental protection.

Oil prices dipped 1.2% to $78.43 a barrel on hope of the deal. Regional officials informed The Associated Press that Iran and Oman are negotiating separate shipping routes and potential U.S. blockade lifting. Trump has previously ruled out Iran charging vessels, stating he would also charge. U.S. Secretary of State Marco Rubio and Treasury Secretary Scott Bessent expressed optimism about the progress, though they noted the deal was not final.

Qatar is also participating in efforts to broker a peace agreement. Iran denies negotiations with Washington and insists talks are only with Oman. Meanwhile, commercial ships continue to face attacks in the region. A recent incident saw an Indian-flagged vessel sink in the Red Sea after being hit by an explosive boat.