US, Iran and Oman Near Transitional Deal to Reopen Strait of Hormuz

The United States, Iran and Oman are reportedly on the verge of a transitional agreement to reopen the Strait of Hormuz, a crucial waterway for global oil and gas trade, according to the US news portal Axios, citing a US government official and two sources from the Gulf region. Washington was aiming to finalise the deal as early as Wednesday.

Trump: Talks Going Well, Threats Remain

US President Donald Trump told reporters the strait could be reopened on Wednesday or Thursday, describing progress in negotiations. In an interview with Fox News, he said talks with Iran were going very well and that Iran was very interested in an agreement to end the months-long conflict. He simultaneously threatened that the US would hit Iran very hard if no deal was reached.

The transitional deal would reportedly meet some of Iran's demands and grant Tehran more control over the strategic strait than it had before the war. No official statement from the White House or other US agencies had been issued at the time of writing.

Shipping Traffic Still Severely Disrupted

On Tuesday, US Treasury Secretary Scott Bessent and a spokesperson from Qatar's foreign ministry had both signalled that a deal announcement was imminent. Bessent said he expected free passage through the strait.

In the past week, only about 16 ships per day crossed the strait between the Persian Gulf and the Gulf of Oman. Before the US and Israeli air strikes on Iran at the end of February, between 60 and 140 vessels crossed daily, according to industry sources.

Indian Cargo Ship Sunk in Red Sea

An Indian-flagged merchant vessel, the Faize Noore Oliya, sank off the coast of Yemen on Tuesday following an attack. Yemeni coast guard officials confirmed all crew members had been rescued: 13 Indian nationals and one Yemeni citizen. The vessel was attacked in the Red Sea south of the Houthi-controlled port of Hodeida. The Houthis also claimed a rocket attack on the Saudi tanker NCC Wafa, a 180-metre oil tanker near Yanbu. Saudi Arabia had not confirmed the attack at the time of writing.