U.S. nears Hormuz deal, aiming for Wednesday announcement

The United States, Iran, and Oman are inching closer to an interim agreement aimed at reopening the Strait of Hormuz, with a potential announcement scheduled for Wednesday, according to multiple regional sources and a U.S. official. This deal, which has been under negotiation for several weeks, aims to restore the ceasefire between the U.S. and Iran and resume talks regarding a nuclear agreement.

President Trump, who decided against launching a major bombing campaign on Saturday, has given diplomats more time to negotiate a resolution. However, if a deal is not reached promptly, Trump could authorize significant strikes against Iran. The proposed arrangement would accommodate some of Iran's demands for enhanced control over maritime traffic in the Strait of Hormuz, a route previously inaccessible to the country due to the ongoing conflict.

According to two regional sources, the deal outlines a temporary 60-day agreement between Oman and Iran, which could be prolonged. Under this arrangement, all inbound traffic to the Gulf would utilize a northern lane through Iranian waters, while outbound traffic would traverse a southern lane through Omani waters, coordinated with Iran.

Importantly, no tolls or fees would be imposed during this period. The parties involved would also collaborate to clear naval mines from the central lane of the strait within 30 days. Following the clearance of this lane, it would be utilized for both inbound and outbound traffic as part of a permanent agreement to be negotiated between Oman and Iran.

However, the prospects of reaching this deal have been fraught with challenges. Just three weeks ago, the White House, Oman, and regional mediators had seemingly secured an agreement with Iran, only for Iran to resume its aggressive attacks on ships, sparking two weeks of intense conflict and bringing the region close to an all-out war.

Behind the scenes, Oman, Iran, and a team of mediators comprising representatives from Qatar, Pakistan, and Saudi Arabia have been actively engaged in the negotiation process. The U.S. has also played an active role in these discussions, with high-level calls between Steve Witkoff, a Trump envoy, Iranian Foreign Minister Abbas Araghchi, and Omani Foreign Minister Badr al-Busaidi.

While Araghchi reportedly agreed to the deal's principles over the weekend, he awaits final approval from Iran's Supreme Leader, Mojtaba Khamenei, and the Supreme National Security Council. A U.S. official and a regional source indicated that Iranian leadership finalized its approval process on Tuesday, signaling a potential breakthrough.