This frame grab taken from AFPTV video footage on July 12, 2026 shows cargo ships anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan.
AFPTV | Getty Images
An agreement to reopen and ensure maritime security on the Strait of Hormuz is imminent, President Donald Trump said late on Tuesday, as he hailed “very good discussions” with Iran.
Trump told reporters traveling with him in California that a deal to reopen the strategically vital waterway “could happen… tomorrow or the next day, adding that “a lot of progress has been made,” according to an AP report.
Reports of U.S.-Iran talks on Tuesday fueled expectations of an end to the five-month conflict, driving oil prices lower and propelling stock markets higher.
Trump also told Fox News late on Tuesday that the Strait of Hormuz “is going to be open very soon,” but reiterated that the U.S. military would respond if talks faltered.
“If they back out again, they are going to get hit really hard,” he said.
It came after the U.S. military claimed the Strait of Hormuz is already open for all commercial vessels to transit.
U.S. Central Command said the “southern route of the Strait of Hormuz remains free and open” in a post on X, highlighting that it had assisted more than 1,000 vessels in transiting the waterway despite “unwarranted” Iranian aggression.
The southern route passes through Omani territorial waters, rather than the part closer to Iran.
Map of the Strait of Hormuz showing the shipping corridor coordinated by Oman, the Iran-designated corridor, and the location of Iranian attacks on boats on July 6 and 7 (Graphic by AFP via Getty Images)
Nicholas Shearman,sherine Elsayary,luca Matteucci | Afp Infographics | Getty Images
The announcement comes as oil prices also fell sharply Tuesday, following remarks by U.S. Treasury Scott Bessent that there may be a deal to open the Strait of Hormuz as soon as this week.
“We are in talks with the Iranians,” Bessent told CNBC’s “Squawk Box.” “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.”
Brent, the international oil benchmark, climbed 1.3% on Wednesday to $80.39 per barrel as of 4:38 a.m. ET after sliding 5.3% the day before. West Texas Intermediate futures were up 0.7% to trade at $76.30, after falling 5.7% the day before.
After Bessent’s remarks, a senior Middle East diplomat with direct knowledge of the talks between Iran and Oman told MS NOW that a great deal of pressure is being brought to bear on Oman by the U.S. and European countries to accept a temporary agreement with Iran to reopen the Strait of Hormuz.
MS NOW has also been told by a a senior Pakistan government official that a document on reopening the Strait of Hormuz is “close to being finalized.”
The source, who didn’t want to be identified because of the sensitive nature of the topic, added that the talks were being held between Iran and Oman whilst being mediated by Pakistan – with the U.S involved “indirectly.”
U.S. missile shortage
Earlier on Tuesday, the White House and Pentagon insisted that U.S. forces had “more than enough” munitions, after reports that the U.S. military had used “virtually all” of its long-range precision missiles during the Iran war.
Reuters said the Army has depleted most of its stockpile of Army Tactical Missile Systems and Precision Strike Missiles, and CNN reported that the the US military has exhausted nearly 80% of its interceptors for its THAAD missile defense system, used to defend against ballistic missile strikes.
In response, U.S. President Donald Trump said that Washington has “far more munitions than anyone in the world, and far more than we need,” also claiming that U.S. defense companies were “making more munitions than they have ever made before, in addition to expanding their plants and equipment at record levels.”
White House deputy press secretary Anna Kelly said that “the United States Military has more than enough munitions, ammo, and stockpiles to serve all of President Trump’s strategic goals and beyond, and Operation Epic Fury has exposed what happens when you mess with the United States.”
