US-Iran Hormuz reopening deal imminent

The United States and Iran are reportedly close to an interim agreement to reopen the Strait of Hormuz, a critical waterway for global oil and gas shipments. The deal, brokered with Oman and mediated by Qatar and Pakistan, would allow ships to enter the Persian Gulf via an Iranian-controlled route and exit via an Omani-controlled route, with no tolls during the transitional period. US officials, including Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, have expressed optimism that an agreement could be reached within days, while President Donald Trump has threatened severe consequences if talks fail. Iran has denied direct negotiations with the US, insisting its talks are only with Oman. The potential reopening has already impacted oil prices, with Brent crude falling to around $78 per barrel, and stock markets hitting record highs. However, attacks on shipping in the region and Iran's insistence on control over the strait continue to pose risks. The agreement is seen as a potential first step toward ending the five-month-old US-Iran war, with subsequent phases addressing Iran's nuclear program.