Trump Says Deal to Reopen Hormuz Could Come Soon

US President Donald Trump stated that a deal to reopen the Strait of Hormuz could be reached as early as August 5, as Iran and Oman are nearing an agreement. The strait’s closure has halted shipping and disrupted a route that once carried a fifth of global oil and natural gas, driving up fuel prices and affecting the global economy. Trump’s announcement comes amid ongoing negotiations on shipping lanes and security fees, with regional attacks persisting and US and Iranian officials saying talks remain unfinished. The possible agreement emerging from talks between Iran and Oman calls for ships to enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman, with service fees charged for providing security and preserving the maritime environment. The Trump administration has previously ruled out any deal that would give Iran control over the strait, but Trump has expressed support for diplomatic efforts and warned Iran of severe consequences if it backs out. Oil prices initially eased on hopes of a deal but later inched upward, with Brent crude at around $80 per barrel on August 5. Attacks on shipping in the region continue, with the Iranian-backed Houthi rebels claiming to have fired ballistic missiles toward a Saudi oil tanker in the Red Sea.