By Eltaf Najafizada
August 6, 2026 – The anticipated deal between Iran and Oman to partially reopen the Strait of Hormuz is still pending. Iran announced that the agreement on new shipping lanes is nearing completion.
The two neighboring countries have been discussing a plan for managing maritime traffic in the crucial waterway since last month. Recently, both Iran and the United States have suggested that a resolution is close.
Kazem Gharibabadi, Iran’s Deputy Foreign Minister, told the Islamic Republic News Agency on Wednesday that a general agreement has been reached on most issues, including the maritime traffic entry and exit routes. He mentioned that the arrangement could last for “two to four months.”
However, he warned that a deal with Oman does not mean the Strait of Hormuz will fully reopen. Tehran has stated that the U.S. is not involved in the agreement with Oman and indicated that normalization of the strait might depend on whether the U.S. lifts its blockade on Iranian ports.
U.S. President Donald Trump reiterated late Wednesday that a deal concerning the strait is close, mentioning that his administration is in contact with Iran. “We are talking,” he said during a rally in Las Vegas. “Let’s see what happens.”
The president has previously promised diplomatic breakthroughs, but lasting agreements have been hard to achieve.
In oil markets, prices fluctuated slightly as traders weighed the chances of a quick increase in oil flows from the Persian Gulf. On Thursday, Brent crude rose 1% to $80.21 a barrel.
Any agreement for the Strait of Hormuz will need approval from Iran’s Supreme Leader Mojtaba Khamenei, who has been out of sight since being injured in attacks by the U.S. and Israel in February. It remains unclear if he has given his consent, as Iranian officials have stated that communicating with him takes time.
In a televised interview on Wednesday, President Masoud Pezeshkian remarked that it is currently “very difficult” to communicate with Khamenei.
These developments come after months of stalemate between Washington and Tehran on how to end the conflict, with shipping control being a significant sticking point. Tehran has demanded that vessels get its permission to cross and possibly pay fees. It has also attacked ships it views as violating these demands in recent weeks.
While fighting between the two sides has mostly paused for the moment, several issues remain unresolved. The deal regarding Hormuz may lead them back to negotiations on Iran’s nuclear program.
Over the weekend, Trump called off a planned round of strikes on Iran, which he described as potentially the largest military action since World War II. According to reports, a shortage of key missiles and air defense systems contributed to this decision.
The newspaper reported that Trump expressed frustration with Defense Secretary Pete Hegseth during a cabinet meeting last week, feeling misled about the country’s weaponry supplies.
“The U.S. has massive amounts of ‘munitions’,” Trump stated in a Truth Social post on Thursday, denying claims that the U.S. is running low. “Defense companies are building the largest number of plants and factories in our country’s history.”
Despite limited visible traffic through the strait, millions of barrels per day have continued to cross it in recent weeks.
Middle Eastern producers have transported oil out of the Gulf with U.S. military assistance and by turning off their vessels' transponders. Producers like Saudi Arabia and the UAE have managed to reduce their reliance on the strait by piping substantial amounts of oil to ports outside the Persian Gulf.
Additional Updates on the Conflict:
- Pakistani army chief Field Marshal Asim Munir, who played a key role in negotiating a ceasefire between the U.S. and Iran earlier this year, is visiting Saudi Arabia along with Prime Minister Shehbaz Sharif from August 6-8, as per a foreign ministry statement.
- Israel’s military reported that two soldiers were killed in southern Lebanon, marking the first fatalities since a fragile truce was established in June. The Israeli army instructed residents in the Lebanese town of Mansouri to evacuate their homes ahead of airstrikes, claiming they were responding to Iran-backed Hezbollah’s breach of the ceasefire agreement.