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

On 6 August 2026, Iran said it had agreed in principle with Oman on shipping through the Strait of Hormuz, and Iran and the US both said a wider deal was close, though the Associated Press noted that one or both sides would have to back down. The Iran-Oman plan was described as a 60-day reopening with service fees and a single corridor, with differing versions of the fee formulas. Iran said reopening depends on the US and wants sanctions relief in exchange for toll-free transit. Oil prices slipped as Iran cited progress with Oman, and Iran vowed to target Gulf neighbours if the US resumes strikes.

Vance said resolving the situation with Iran would be 'messy' and take time, and denied that Netanyahu confronted him during his Washington visit. Miliband, meeting Rubio, called reopening the strait 'essential'. Separately, the Washington Post reported that Trump privately told donors to back Vance while publicly keeping the 2028 question open.