Trump says Strait of Hormuz deal could come this week as Iran and Oman finalize draft to reopen shipping route

US President Donald Trump expressed confidence that Iran and Oman could finalize a deal to reopen the Strait of Hormuz within the next 24 hours, improving shipping conditions through a vital global waterway. Speaking in California, Trump indicated that talks between Iran and Oman were nearing completion, with a draft agreement awaiting approval.

The Strait, which carries about one-fifth of the world's oil and natural gas exports, is crucial for stabilizing energy markets and preventing further trade disruptions. The agreement, still awaiting Iran's Supreme Leader Ayatollah Khamenei's final approval, aims to balance Iranian control over inbound shipping with Oman's oversight of outbound traffic, potentially easing US opposition to Iran levying shipping fees.

Despite optimism, key challenges remain, including defining Iran's control and overcoming US opposition to Iranian fees. The conflict's disruption has driven up global energy prices and increased transportation costs, placing pressure on the Trump administration ahead of US midterm elections.