Negotiations Aim for Resolution on Strategic Strait Amid Ongoing Tensions

In Cairo, Egypt, U.S. President Donald Trump expressed optimism about a potential agreement concerning the Strait of Hormuz, which could be finalized as early as Wednesday. The agreement involves Iran and Oman, aiming to address a crucial maritime passage that could ease global economic pressures and potentially help end the ongoing war.

The United States, alongside Israel, initiated the conflict on February 28 with objectives that included overthrowing the Tehran government and halting its nuclear program. The confrontation has morphed into a battle for the strait after Iran’s threats and attacks on shipping disrupted the passage. Previously, a significant portion of the world’s oil and natural gas passed through the strait. Its closure significantly increased fuel and commodity prices, impacting the global economy.

President Trump faces mounting pressure to resolve this unpopular war before the upcoming midterm elections. He remarked that an agreement to reopen the strait might be close, responding to journalists in California. According to a news report by Axios, an announcement about the Strait of Hormuz could happen “tomorrow or the day after,” noted Trump, adding, “A lot of progress has been made.”

Initially, oil prices dropped with the prospect of resumed shipping. However, they later rose slightly. Brent crude, a global benchmark, traded around $80 per barrel on Wednesday, far from the record highs during the conflict’s peak.

Continued Shipping Attacks Amid Negotiations

Despite optimism for a near-term agreement, attacks on regional shipping persist. Houthi rebels in Yemen, supported by Iran, claimed to have launched ballistic missiles at a Saudi oil tanker, Wafa, in the Red Sea on Wednesday. Brigadier General Yahya Saree, the rebels’ military spokesperson, asserted in a recorded statement that the vessel was targeted near the Saudi port city of Yanbu, but did not provide evidence. Saudi Arabia has yet to comment on the incident, part of recent escalations threatening to reignite Yemen’s civil war, which pits the Houthis against a Saudi-led coalition supporting Yemen’s government.

In July, the Houthis announced closing the Bab el-Mandeb Strait to maritime traffic linked to Saudi Arabia, adding pressure to international shipping. The Red Sea has become a key alternative route for Saudi oil exports during the war.

On Tuesday, an India-flagged merchant vessel sank in the Red Sea, off Yemen, after being hit by an explosive-laden boat, according to Yemeni and Indian authorities. Yemen’s coast guard rescued the crew, comprising 13 Indians and one Yemeni. No group has claimed responsibility for the attack.

Earlier on Tuesday, a cargo ship reported being “hit by an unknown projectile” about 37 kilometers northeast of the Omani port city of Al Khasab in the Strait of Hormuz, according to the UK Maritime Trade Operations (UKMTO), affiliated with the British military.

Proposed Agreement Details and Ongoing Discussions

The potential agreement involves Iran and Oman managing routes for ships entering and exiting the Persian Gulf, with Iran controlling the entrance and Oman the exit. According to two regional officials speaking to The Associated Press, fees would be imposed for providing security and maintaining the maritime environment. The officials insisted on anonymity due to the negotiations’ sensitive nature.

The Trump administration previously opposed any deal granting Iran control over the strait, a key international waterway. However, transit has slowed significantly due to ongoing disputes.

During a conversation with journalists on Monday, President Trump reaffirmed his opposition to tariffs. “I won’t let them charge,” Trump declared. “If anyone’s going to charge, it’ll be us.”

Regional officials indicated negotiations continue and the final agreement may differ from current proposals. Any deal may involve lifting the U.S. blockade on Iranian ports.

Both U.S. and Iranian officials acknowledged progress in negotiations. Iran’s Foreign Ministry spokesperson, Esmail Baghaei, stated discussions with Oman focus on establishing secure navigation corridors respecting both Iran’s and Oman’s sovereign rights while considering national security.

“The final outcomes will be announced after the negotiations conclude,” added Baghaei, as reported by Iran’s state news agency IRNA.

U.S. Secretary of State Marco Rubio confirmed advancements but noted nothing definitive yet. Rubio previously dismissed any agreement granting Iran control over the strait, reasoning it would set a “very dangerous precedent.”

UN Condemns Executions in Iran

Elsewhere, UN human rights chief Volker Türk criticized an increase in executions and death sentences in Iran since March. Türk claimed the death penalty is being used to instill fear and suppress dissent. At least 56 executions have occurred since March 19, including 27 related to anti-government protests earlier this year. Over 100 individuals face the death penalty on similar charges.

“The persistent lack of fair trial guarantees and due process is deeply concerning,” Türk stated, highlighting reports of confessions obtained through torture and some public executions conducted shortly after arrests.

Contributors Becatoros reported from Athens and Superville from Rancho Palos Verdes, California. Additional reporting by Amer Madhani and Matthew Lee in Washington.