Iran and Oman Would Also Work to Clear Mines From a Middle Shipping Lane for Two-way Traffic

President Donald Trump said a deal on the Strait of Hormuz could come as early as Wednesday, fueling hopes for the reopening of the vital waterway for global energy markets. "It could happen. Tomorrow or the next day, Trump told reporters in Los Angeles on Tuesday night, adding that talks with Iran are "moving along very nicely" and "We'll know in 48 hours.

Axios reported, citing two regional sources and a US official, that the US, Iran, and Oman are preparing to announce a 60-day agreement on shipping through Hormuz as soon as Wednesday. Under the proposal, inbound vessels would use a northern lane near Iran, while outbound traffic would travel through Omani waters, with no tolls or fees during the transitory period. Iran and Oman would also work to clear mines from a middle shipping lane for two-way traffic.

In a Fox News interview recorded earlier in the day, Trump expressed optimism while repeating a threat that if they don't make a deal, it's going to be too bad. Over the weekend, he held off on attacks he said would have been the largest since World War II. Signs of progress helped ease oil prices, with the global benchmark crude contract down about 9% since the start of the week.

Brent futures traded at just over $80 a barrel on Wednesday, up 1%, erasing an earlier decline after Yemen's Houthi militants threatened to escalate attacks on Middle East shipping. The Iran-backed group said it would target Saudi tankers diverting toward the north of the Red Sea. Trump discussed de-escalation efforts with Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani in a call Tuesday, according to the Gulf state's government.

A White House official confirmed the call but didn't offer additional details. A short-term deal could help normalize commercial shipping and prevent the resumption of fighting, though there's no guarantee of a permanent end to the war. The previous US-Iran ceasefire lasted less than a month before collapsing over disagreements about control of Hormuz.

In a possible concession, Iran is considering allowing European nations to remove mines from the strait, according to diplomats familiar with the matter, contrary to its public stance. Iran's foreign ministry didn't immediately respond to a request for comment.