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U.S. President Donald Trump said a deal to reopen the Strait of Hormuz could come as early as Wednesday, as Iran and Oman inched toward an agreement on the critical waterway that could ease pressure on the global economy and potentially help bring an end to the war.
The U.S., along with Israel, launched the war on Feb. 28, citing various goals including toppling Tehran’s government and ending its nuclear program. But the conflict has devolved into a fight over the strait as Iranian threats and attacks on shipping ground traffic through the waterway to a halt.
Closure of the strait, through which one-fifth of the world’s oil and natural gas once passed, has driven up the price of fuel and basic goods far beyond the region, roiling the global economy. Trump is also under mounting pressure to end an unpopular war ahead of midterm congressional elections.
The U.S. president was asked by reporters traveling 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.
“It could happen. Tomorrow or the next day,” he said, speaking Tuesday. “A lot of progress has been made.”
Oil prices initially eased on hopes of a deal that would allow shipping to resume but later inched upward. Brent crude, the international standard, was around $80 per barrel on Wednesday—still well below the levels it hit at the height of the conflict.
The U.S. and Iran reached a deal to open the strait in June, only for attacks to resume. In recent days, Trump has again alternately threatened massive strikes and voiced support for diplomatic efforts.
