Trump cut out of new deal to reopen Strait of Hormuz

On 4 August 2026, Iran and Oman were reported to be close to a deal to reopen the Strait of Hormuz, under which they would open a temporary shipping corridor, with both countries collecting a 'service fee', according to the New York Post. The US disputes the proposed fee plan, and TASS said the agreement may formalise Tehran's control of the strait. Iran was reported to be demanding control over inbound traffic and oversight of outbound traffic.

Trump said talks with Iran were 'going along' and that this was Iran's 'last chance' to sign a deal, adding that Iran faces a 'last chance before decapitation'. Iran denied direct negotiations. Treasury Secretary Bessent said a Hormuz deal could come by Wednesday. Qatar said mediators had made progress. Trump also backed a Syria-Iraq pipeline to bypass the strait, and Adm. John Kirby said Trump was wrong about who controls it.