Iran Nears Strait of Hormuz Deal Within 2 Days as Draft Terms Circulate
Updated
Updated · The New York Times · Aug 4
Iran Nears Strait of Hormuz Deal Within 2 Days as Draft Terms Circulate
3 articles · Updated · The New York Times · Aug 4
Summary
U.S. and Qatari officials said talks to reopen the Strait of Hormuz have reached "very progressive stages," with Scott Bessent saying a deal could come today or tomorrow.
Draft agreement language has already been circulated among the parties, while Marco Rubio said Iran and Oman are negotiating an immediate fix for the waterway with U.S. input.
Iran blockaded the strait after the late-February U.S.-Israeli assault, disrupting a vital oil and gas shipping route and triggering broad economic shock.
A reopening deal could help revive a wider U.S.-Iran cease-fire, even as Tehran seeks to preserve leverage and cement influence over the strategic passage.
Is Iran’s new Hormuz route with Oman a peace deal for shipping—or a new fight over who controls the world’s key oil chokepoint?
If Hormuz reopens under new rules, who really decides how ships pass: Iran, Oman, or international law?
2026 Hormuz Crisis: Oil Flows Plunge 70%, Exposing Global Energy Vulnerabilities and Accelerating the Green Shift
Overview
In August 2026, intense last-minute diplomacy by Qatar and Saudi Arabia led US President Donald Trump to halt a major military strike on Iran, averting a wider conflict. However, Iran’s push to co-manage the Strait of Hormuz with Oman was firmly rejected by the US and its Gulf allies. As Iran demanded mandatory transit fees, global insurers threatened to withdraw coverage for ships paying these charges. Meanwhile, IRGC attacks on vessels drove up war-risk insurance premiums, causing a sharp drop in shipping traffic and oil exports. This turmoil sent global energy prices soaring, forcing developing nations to ration fuel and accelerate their shift to renewable energy.