Trump says Strait of Hormuz deal could be announced soon
U.S. President Donald Trump indicated that a deal regarding the Strait of Hormuz could be announced soon, as Iran and Oman negotiate terms to reopen the waterway. The potential agreement aims to restore oil tanker traffic, though the U.S. maintains opposition to any tolls imposed by Iran.
Why it matters
The Strait of Hormuz is a critical global energy chokepoint; resolving the conflict there is essential for stabilizing international oil prices and regional security.
U.S. President Donald Trump said a deal on the Strait of Hormuz could come as early as Wednesday (August 5) or Thursday (August 6), while Iran and Oman inched toward an agreement to reopen the critical waterway and potentially help bring an end to the war.
Mr. Trump was asked by reporters travelling with him in California about a report on the Axios news site that an announcement on the Strait of Hormuz could be made on Wednesday (August 5).
“It could happen. Tomorrow or the next day,” he said, speaking on Tuesday (August 4) evening California time, which was already Wednesday morning in West Asia.
Oil prices eased on hopes of progress for a deal that would allow oil tankers to freely exit the Persian Gulf again and deliver crude around the world. Brent crude, the international standard, slipped by 1.2% to $78.43 per barrel early Wednesday.
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