Trump says deal to reopen Strait of Hormuz could come as early as Wednesday

Cairo: US President Donald Trump said a deal on the Strait of Hormuz could come as early as Wednesday or Thursday, while Iran and Oman inched toward an agreement to reopen the critical waterway and potentially help bring an end to the war.

Trump was asked by reporters traveling with him in California about a report on the Axios news site that an announcement on the Strait of Hormuz could be made on Wednesday.

"It could happen. Tomorrow or the next day," he said, speaking on Tuesday evening California time, which was already Wednesday morning in the Middle East. "A lot of progress has been made." Oil prices eased on hopes of progress for a deal that would allow oil tankers to freely exit the Persian Gulf again and deliver crude around the world. Brent crude, the international standard, slipped by 1.2% to $78.43 per barrel early Wednesday.

The 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, two regional officials told The Associated Press. Service fees would be charged for providing security and preserving the maritime environment, the officials said.

In an exchange with reporters on Monday, the US president reiterated his public opposition to tolls being charged in the strait. "I'm not going to let them charge," Trump said. "Anybody's going to charge, we'll charge." The regional officials said negotiations are still underway and that the final agreement could take a different form, with any deal linked to lifting the US blockade on Iran's ports.

Iranian Foreign Ministry spokesman Esmail Baghaei said Tuesday that Tehran's talks with Oman were focused on "establishing safe inbound and outbound shipping lanes," routes that "uphold sovereign rights while also addressing the national security considerations of both Iran and Oman." "The final results of these negotiations will be announced once concluded," he added, according to Iran's state-run IRNA news agency.

US Secretary of State Marco Rubio confirmed progress had been made in those talks, "but not finality yet." Rubio has previously ruled out any deal that would give Iran control over the strait, saying last month that would create a "very dangerous precedent" for other parts of the world.

US Treasury Secretary Scott Bessent told CNBC that "there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict."

Trump said Monday that the US was in talks with Iran, saying it was Tehran's "last chance" to reach a deal and avoid another US military escalation.

"The first phase is the opening of the straits. The second phase will be the denuclearization," Trump said. "And that will take a little while." Iran has denied it is negotiating with the US, saying the talks are only with Oman.