Iran and the US say a Strait of Hormuz deal is close, but one or both would have to back down

CAIRO — Iran said Wednesday it is in the "final stage" of drafting an agreement with Oman over the Strait of Hormuz, and U.S. President Donald Trump has said a deal could be announced this week. That could potentially reopen the critical waterway, ease pressure on the world economy and help bring an end to the war. But the agreement is likely to be contingent on the U.S. lifting its blockade on Iran's ports. The Trump administration has previously ruled out any deal that would cement Iran's grip over the strait, which would amount to a major loss for the U.S. Iranian and Omani negotiators have finalized the draft deal to reopen the strait and await final approval from Iran's Supreme Leader Ayatollah Mojtaba Khamenei. Earlier, they had said the potential agreement would have ships enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman. Service fees would be charged for providing security and preserving the maritime environment, the officials said. The U.S. has said it is strongly opposed to any arrangement that would see Iran charge fees. Trump was asked on Tuesday evening by reporters about a report on the Axios news site that an announcement on the deal could come as early as Wednesday.