Lead

US President Donald Trump said a deal to reopen the Strait of Hormuz could happen "tomorrow or the next day," while warning that Iran would be "hit very hard" if negotiations fell through. Speaking to reporters in California on Tuesday, Trump said negotiators "had a very good day," but earlier struck a more threatening tone, telling Fox News: "The strait is going to be open very soon, or they're going to get hit very hard — and then the strait's going to be open. All you can do is fight your way out."

Coverage Comparison

US Treasury Secretary Scott Bessent echoed some of that optimism, telling CNBC "there is a chance we may have a deal" by Wednesday or Thursday. Reporting across outlets highlighted both the diplomatic push and the military tensions surrounding the waterway, a key conduit for global oil and gas supplies. One crew member was listed missing Tuesday on a merchant ship hit by a projectile in Hormuz, while an Indian ship in the Red Sea sank following an unattributed attack, underscoring the volatile situation.

Iran has tightened its grip on Hormuz since the war with the US and Israel began on February 28, and wants to control the strait and charge tolls — powers it did not exercise before the conflict. The Trump administration has previously ruled out any deal that would give Iran control over the strait, which was an open international waterway before the war.

Key Claims

  • Deal could come as soon as Wednesday or Thursday: Trump said a deal could happen "tomorrow or the next day," and Bessent told CNBC there is a chance of a deal by Wednesday or Thursday.
  • Iran wants control and tolls: Iran has tightened its grip on Hormuz and wants to control the strait and charge tolls, powers it did not exercise before the war.
  • Possible Iran-Oman agreement: Two regional officials told The Associated Press that possible agreement emerging from talks between Iran and Oman calls for ships to enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman, with service fees charged for providing security and preserving the maritime environment.
  • Iranian foreign ministry on talks: Iranian Foreign Ministry spokesman Esmail Baghaei said Tehran's talks with Oman were focused on establishing safe inbound and outbound shipping lanes.

Context

Oil prices eased on hopes of progress for a deal that would allow oil tankers to freely exit the Persian Gulf again. Brent crude, the international standard, slipped by 1.2% to $78.43 per barrel early Wednesday. The possible agreement would come after a ceasefire in April failed to end the conflict, and amid a regular pattern in which Trump has threatened to hit Iran "very hard" only to pull back and hint a deal was near. Iran's foreign ministry has denied negotiations with Washington, even as Trump insisted they were happening. Secretary of State Marco Rubio said Tuesday that the US was involved in negotiations between Oman and Iran on increasing traffic through the Strait of Hormuz.