AP: draft deal to reopen the Strait of Hormuz is finalised and awaiting final approval in Tehran

On Wednesday 5 August 2026, the Associated Press reported that two regional officials briefed on the talks said Iranian and Omani negotiators had finalised a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. The draft is said to be awaiting a decision at the highest level in Tehran. The report came hours after Donald Trump said an announcement could come on Wednesday or Thursday.

Under the proposed temporary arrangement, ships entering the Persian Gulf would use a route controlled by Iran while vessels leaving would use one administered by Oman, reviving parts of the Iran and US memorandum reached in June 2026. Transit fees remain the main sticking point: Reuters reported that Tehran is seeking the equivalent of 5% to 7% of cargo value, Oman has proposed 3%, and the US administration has rejected any arrangement requiring payments to Iran for passage.

Traffic through the strait remains a fraction of normal levels. Kpler data showed eight vessels crossed on Tuesday 4 August, against roughly 130 to 140 a day before the war began on 28 February 2026. Brent recovered to around $80 a barrel on Wednesday after an initial fall.