Trump says deal to reopen the Strait of Hormuz could come as early as Wednesday

President Donald Trump announced that a deal to reopen the Strait of Hormuz could materialize as early as Wednesday, signaling potential de-escalation in a critical global waterway. Iran and Oman are reportedly nearing an agreement that could ease pressure on the global economy and potentially influence the ongoing war.

The conflict, initiated by the U.S. and Israel with goals including toppling Tehran's government, has increasingly focused on the strait. Iranian threats and attacks on shipping have halted traffic through the waterway, which previously handled a fifth of the world's oil and natural gas. This disruption has significantly increased fuel and basic goods prices worldwide, roiling the global economy.

Trump, facing mounting pressure to end the war ahead of midterm elections, indicated progress in negotiations. "It could happen. Tomorrow or the next day," he told reporters, adding, "A lot of progress has been made." While oil prices initially dipped on hopes of a deal, they later edged upward, with Brent crude trading around $80 per barrel on Wednesday.

Regional officials, speaking on condition of anonymity, informed The Associated Press that negotiators have finalized a draft deal. This potential agreement awaits final approval from Iran's supreme leader. The officials described the deal as a temporary solution to the dispute over vessel transit through the Strait of Hormuz, potentially paving the way for renewed negotiations on Iran's nuclear program.

The draft deal reportedly outlines a plan for ships to enter the Persian Gulf via an Iranian-controlled route and exit through an Omani-controlled route. Service fees would be charged for security and environmental preservation. Oman and Iran have not yet issued official comments on the reported progress.

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It could happen. Tomorrow or the next day. A lot of progress has been made.