US and Iran Near Deal to Reopen Strait of Hormuz

The United States and Iran are nearing a temporary 60-day agreement to reopen the Strait of Hormuz, a critical global energy chokepoint effectively closed since February 2026. Mediated by Oman and Qatar, the proposed deal would establish separate shipping lanes: inbound vessels would use a northern route controlled by Iran, while outbound traffic would utilize a southern route managed by Oman. Both parties have agreed to clear naval mines from the median lane within 30 days.

President Donald Trump has expressed optimism that a deal is imminent, though he has alternated between diplomacy and threatening Iran with a powerful strike or "decapitation" if negotiations fail. While the U.S. maintains that transit must remain free of tolls, Iran has pushed for "service fees" for security and environmental preservation, ranging from 3% to 7% of cargo value. Further complications include an Iranian parliamentary bill proposing to ban U.S. and Israeli vessels from the waterway entirely.

Iran continues to deny direct negotiations with Washington, asserting that talks are strictly bilateral with Oman. Domestically, President Masoud Pezeshkian described the period as the most difficult since the Islamic Revolution, noting significant difficulty in communicating with Supreme Leader Mojtaba Khamenei. The U.S. has indicated it will lift its naval blockade of Iranian ports once a deal to restore unimpeded shipping is announced.

Regional instability persists alongside the talks. Iran-backed Houthi rebels have launched large-scale drone and missile attacks against Saudi-backed forces in Yemen and targeted oil tankers in the Red Sea and Gulf of Aden. These developments, combined with the potential reopening of the strait, have caused significant volatility in global crude oil prices.