US and Iran signal nearing deal on Strait of Hormuz shipping access

The United States and Iran appear to be closing in on an agreement that would reopen the Strait of Hormuz to regular commercial shipping, a development that could reshape global energy markets after months of near-total disruption to one of the planet’s most vital maritime corridors. Iranian Foreign Ministry spokesman Esmaeil Baghaei said discussions with Oman, which controls the strait’s southern shore, have reached the “final stage,” with preliminary agreements on shipping lane coordinates already in place. President Donald Trump, speaking on August 5, said he expected a deal could be finalized by mid-week. From 130 ships a day to eight The scale of the disruption is staggering. Before hostilities began in February 2026, following US and Israeli military actions against Iran, roughly 130 commercial vessels transited the strait daily. That number has since cratered to as few as eight. To put that in perspective, roughly 20% of the world’s oil supply previously flowed through this 21-mile-wide waterway between Iran and Oman. The framework on the table The current negotiations trace back to a memorandum of understanding signed on June 17, 2026. That MOU proposed a temporary 60-day t...