WireAugust 5, 2026 at 3:31 PM
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President Donald Trump indicated Tuesday that an agreement to reopen the Strait of Hormuz is imminent, a development that could restore the flow of a fifth of the world's oil supply and relieve economic strain on American workers and industries. Speaking to reporters in California, Trump said an announcement could come as early as Wednesday.
"It could happen. Tomorrow or the next day," Trump stated. "A lot of progress has been made." The comments follow months of military conflict that began in late February and has since choked traffic through the Persian Gulf, sending energy prices soaring and disrupting supply chains for goods far beyond the region.
Brent crude prices hovered around $80 per barrel amid the news, a figure that remains a direct tax on American consumers and domestic manufacturing. The closure has amplified calls for accelerated domestic energy production, including coal and nuclear power, to insulate the U.S. economy from such foreign entanglements.
Regional officials briefed on the negotiations told the Associated Press that Iranian and Omani negotiators have finalized a draft deal and are waiting for approval from Iran's supreme leader. The pact is framed as a temporary arrangement establishing an Iranian-controlled inbound lane and an Omani-controlled outbound lane, with service fees levied for security. The previous U.S.-Iran deal on the strait collapsed in June after attacks resumed.
Secretary of State Marco Rubio confirmed progress but was firm that the talks are not final. The administration has previously rejected any arrangement granting Iran sovereign control over the international waterway. Trump reiterated his opposition to the proposed tolls, asserting, "I'm not going to let them charge. Anybody's going to charge, we'll charge."
The ongoing conflict has placed the administration under intense domestic pressure to end a war that lacks a clear American interest, particularly ahead of contentious midterm elections. Any final deal that outsources maritime security to Iran or creates a new fee structure would face significant scrutiny from economic nationalists concerned about ceding leverage to the Tehran regime and further entangling U.S. foreign policy with Israeli strategic objectives.