Overview
- U.S. officials including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio said on Tuesday that talks have advanced and a short-term agreement to reopen the Strait of Hormuz could be reached within days.
- Iran publicly denied direct negotiations with Washington and said its contacts are with Oman only, and Iranian negotiators still need approval from the country’s supreme leadership and security committee before any deal can be final.
- Reported draft terms would route ships into the gulf via waters controlled by Iran and out through a channel near Oman, would allow Iran to send vessels first to check for mines, and could include Tehran seeking service fees.
- Markets reacted immediately to the prospect of a deal, with Brent and WTI crude prices falling roughly 4% and U.S. equities rising on hopes that resumed traffic would lower energy strains.
- Final hurdles include legal and sovereignty concerns from Oman, U.S. conditions such as lifting a naval blockade and permitting Iranian oil sales, ongoing ship attacks that keep the route fragile, and the political pressure on President Trump at home.