US nears Strait of Hormuz deal, aiming for Wednesday announcement: Report

The US, Iran and Oman are nearing an interim agreement aimed at reopening the Strait of Hormuz and restoring a ceasefire between Washington and Tehran, with a possible announcement expected as early as Wednesday, the Axios news site reported Tuesday.

Citing two regional sources and a US official, the report said the agreement, which has been under discussion for several weeks, is intended to ease tensions following a period of military confrontation and pave the way for renewed negotiations over Iran’s nuclear program.

According to the report, the deal under discussion sets up a 60-day temporary arrangement between Oman and Iran in the Hormuz Strait which could be extended.

Under the proposed framework, inbound vessels entering the Gulf would use a northern route through Iranian waters, while outbound traffic through the strait and into the Arabian Sea would go in a southern lane through Omani waters, in coordination with Iran. No transit fees or tolls would be imposed during the temporary period.

The plan would also include efforts to clear naval mines from the central lane of the Strait of Hormuz within 30 days. After the mine-clearing operation, the central route could be used for both inbound and outbound traffic as part of a longer-term agreement to be negotiated between Oman and Iran.

The reported diplomatic push comes after US President Donald Trump decided against immediately launching a large-scale bombing campaign against Iran, opting instead to give negotiations more time, according to Axios. Trump has warned that major military action could follow if diplomacy fails.

Behind the scenes, the negotiations have involved officials from Oman, Qatar, Pakistan and Saudi Arabia, with the White House playing an active role in the discussions. Trump envoy Steve Witkoff has held multiple calls in recent days with Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr al-Busaidi, the report said.

Regional sources told Axios that Araghchi agreed in principle to the arrangement over the weekend but required approval from Iran’s Supreme Leader Mojtaba Khamenei and the Supreme National Security Council. A US official and a regional source said Iran’s leadership completed the approval process on Tuesday.

Earlier Tuesday, US Secretary of State Marco Rubio said Washington and Tehran have yet to finalize talks on passage through crucial international waterways, but he hopes an agreement will come “very shortly.”

Iran has been engaged in a conflict with the United States since February, when the US and Israel launched a joint offensive on Tehran. Iran retaliated with drone and missile strikes on Gulf nations hosting US assets.

The US and Iran agreed to a ceasefire in April and subsequently signed a Pakistan-mediated memorandum of understanding in June aimed at ending their military conflict and reaching a lasting peace agreement. The deal, however, collapsed last month, with the two sides exchanging attacks for nearly two weeks before Trump abruptly halted the bombardment amid reports of talks to resolve the conflict.