Archive · 7 Aug 2026
Iran-Oman Hormuz Deal in Final Stage; Trump Says Announcement Near
The Strait of Hormuz is a narrow waterway where many ships carry oil and gas for the whole world.
Because of a war, Iran stopped many ships from passing through, and prices went up everywhere.
Now Iran and a neighboring country called Oman are writing a plan to let ships through again.
President Trump says an announcement could come very soon, maybe tomorrow.
But Iranian negotiators say the plan is not finished and small problems could make it fall apart.
One big question is who will be in charge of the waterway, because the US does not want Iran to control it or charge ships money.
Iran also wants to keep American and Israeli ships out and charge other ships a fee for guarding them, while the US wants no fees at all.
The plan also needs a final yes from Iran's top leader, who has been hard to reach.
Meanwhile, other groups in the region are causing trouble for ships, and the United Nations says everyone should solve this by talking.
Iran said Wednesday its agreement with Oman over the Strait of Hormuz is in the 'final stage' of drafting, and President Donald Trump said a deal could be announced 'tomorrow or the next day.'
The draft would reportedly give Iran control over inbound commercial shipping through the strait and bar US and Israeli ships, with routes running through Iranian and Omani territorial waters.
Iran is seeking transit fees of 5-7% of cargo value, Oman has proposed about 3%, and the United States wants no fees at all, strongly opposing any arrangement giving Iran control.
The draft awaits final approval from Iran's Supreme Leader Ayatollah Mojtaba Khamenei and is tied to a collapsed June US-Iran agreement, with negotiators warning important details remain unresolved.
Regional tensions persisted as Houthi rebels claimed missile attacks on Saudi tankers in the Red Sea and Israel struck southern Lebanon, while the UN urged a negotiated solution.
- Who
- Iran and Oman are negotiating the draft agreement, with US President Donald Trump involved; Iran's Supreme Leader Ayatollah Mojtaba Khamenei must give final approval, and the US strongly opposes key provisions.
- What
- A draft Iran-Oman agreement to reopen the Strait of Hormuz that would reportedly give Iran control over inbound commercial shipping, involve transit fees, and bar US and Israeli ships, which the US opposes.
- When
- Iran announced the draft is in its 'final stage' on Wednesday; Trump said an announcement could come 'tomorrow or the next day.'
- Where
- The Strait of Hormuz between the Persian Gulf and the Gulf of Oman, with the proposed route passing through Iranian and Omani territorial waters.
- Why
- The strait's near-closure has disrupted about one-fifth of the world's traded oil and natural gas, driving up prices and pressuring the US to end the war it launched with Israel on February 28.
US Opposition and Caution
Iranian Control and Fees
Iranian control over the strait
US Opposition and Caution
The US strongly opposes any arrangement giving Iran control over the Strait of Hormuz, insisting on free transit and a return to the pre-war status quo with no tolls or charges.
Iranian Control and Fees
Iran insists on some measure of control over the strait, saying it will not return to being an open international waterway, and reportedly seeks to bar US and Israeli ships and demand compensation from hostile countries.
Transit fees for ships
US Opposition and Caution
The US wants no transit fees at all, and Gulf negotiators are pushing for regional oversight of ship inspections with any payments kept voluntary.
Iranian Control and Fees
Iran seeks fees of 5-7% of cargo value for services including security, insurance and environmental costs; Oman has proposed charges of around 3%.
Readiness of the deal
US Opposition and Caution
Trump said a deal could be announced 'tomorrow or the next day' and cited diplomacy as the reason for canceling planned military strikes.
Iranian Control and Fees
Iranian officials cautioned the deal is not final, saying important details remain unresolved and that a single tweet from Trump could cause the whole thing to collapse.
- War start date
- February 28, when the US and Israel launched military operations against Iran
- Deal status
- 'Final stage' of drafting; text under review in Iran's parliament; awaiting Supreme Leader approval
- Strait significance
- Previously carried around one-fifth of the world's oil and liquefied natural gas shipments
- Proposed route
- Inbound shipping under Iranian control; reports differ on outbound oversight, with legs passing through Iranian and Omani territorial waters
- Proposed fees
- Iran seeks 5-7% of cargo value; Oman proposes about 3%; US wants no transit fees
- US stance
- Insists on free transit with no approvals, permissions, tolls or charges; opposes any arrangement giving Iran control
- Reported deaths
- Iran reports more than 3,400 deaths since the war began; US reports 18 military personnel dead
- Oil price
- Brent crude around $80 per barrel on Wednesday, above $82 on Thursday
