President Trump says a deal to reopen the Strait of Hormuz could be reached as early as Wednesday.
President Trump stated that an agreement to reopen the Strait of Hormuz could be reached as early as Wednesday, following progress in negotiations between Iran and Oman. The waterway, which carries a fifth of the world's oil and natural gas, has seen shipping ground to a halt due to Iranian attacks, causing global fuel prices to rise. The administration announced that the U.S. and Iran are in talks to establish safe inbound and outbound shipping lanes. While Iran seeks control over the route, the administration has previously ruled out a deal that would give Iran total control, favoring a deal that maintains freedom of movement. President Trump said he called off a major attack on Iran to facilitate these negotiations. U.S. Treasury Secretary Scott Bessent noted that a deal would provide significant relief for global trade, as the waterway is critical for energy, fertilizer, and industrial gases. President Trump said the first phase of the deal involves opening the straits, while the second phase will focus on denuclearization.