US, Iran near potential deal to reopen Strait of Hormuz

WASHINGTON —

A reported deal that could end fighting between the United States and Iran and reopen the Strait of Hormuz is potentially within reach. Iranian officials said they were in the final stages of drafting an agreement with mediators, as President Donald Trump said that both sides could reach a deal by this week.

The proposed Iranian deal centers on two key demands: lifting the U.S. naval blockade on Iranian ports and allowing Iran partial control over the Strait of Hormuz.

Both conditions had previously been ruled out by the Trump administration.

Negotiators indicated that the deal would allow ships to enter the Strait through an Iranian-controlled route and exit through another route controlled by Oman.

Officials said service fees could be charged for security and the maritime environment to allow ships to pass.

The arrangement contrasts with the Trump administration’s previous, public stance, which opposed Iranian control and fees over the Strait. Before the conflict, the Strait of Hormuz operated as a toll-free, international waterway.

Economists have noted that reopening the Strait, which previously saw one-fifth of the world’s oil supply pass through, could help ease oil prices and alleviate economic pressures.

While crude oil prices have dropped from their peak during the height of the conflict, Trump suggested during a speech in Las Vegas on Wednesday that oil prices might temporarily rise before dropping “down to the floor” once the war is over.

“I’d rather make a deal because I don’t want to kill people,” he said. “We were set for the biggest attack of any attack. We’ve hit them very hard for the last few months, but we were all set for the biggest attack since World War II, and they called me, and they said, ‘Please don’t do it. Let’s talk.'”

Officials emphasize a potential deal would only be temporary and still requires approval from Iran’s Supreme Leader. However, it could serve as a starting point for renewed negotiations over Iran’s nuclear program.

Despite the progress, escalating violence in the Middle East could derail the agreement. Iran-backed Houthi rebels claimed responsibility for firing missiles at Saudi oil tankers Wednesday, raising concerns about a potential resurgence of Yemen’s civil war.

A ceasefire between Israel and Iran-backed Hezbollah militants also appears to be on shaky ground as Israel launched strikes in southern Lebanon after accusing Hezbollah of violating the truce.

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