A new Iran-Oman Strait of Hormuz deal is taking shape just one day after Treasury Secretary Scott Bessent said a broader U.S.-Iran agreement could arrive within 48 hours. On Wednesday, Iran’s Foreign Ministry said Tehran and Muscat had reached an understanding on the exact geographic coordinates for a shipping route through the strait, with a joint announcement reportedly in its final stages. The timing matters: crude oil prices had already fallen nearly 6% on Tuesday’s news, and any confirmed Iran-Oman Strait of Hormuz deal could move markets again. Here are six key facts about the agreement, what it would change for global shipping, and why some officials are pushing back on the optimism coming out of Washington.
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1. Iran and Oman Have Locked In the Exact Route Coordinates
Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Wednesday that Tehran and Muscat had reached a mutual understanding on the geographical parameters of the shipping route under discussion through the Strait of Hormuz. Baghaei described the negotiations between Iran and Oman as “professional” and “moving forward,” marking the most concrete technical progress toward reopening the waterway since talks resumed. Officials on both sides have spent weeks disputing exactly which lanes tankers should be allowed to use, so agreeing on specific coordinates is a meaningful step even before any political sign-off.
2. A Joint Announcement Is Being Finalized — With One Big Caveat
According to Baghaei, a joint statement between Iran and Oman containing the main considerations and key points of their understanding is in the final stages of review and drafting, provided outside parties do not interfere with the process. He also cautioned that an agreement between Iran and Oman alone would not, by itself, guarantee security in the strategic waterway, since the U.S., Saudi Arabia, and other regional players would still need to sign off on any lasting arrangement.
3. The Proposed Deal Would Reportedly Hand Iran Control of Inbound Traffic
A senior Iranian source and two regional officials told Reuters that the proposed Iran-Oman Strait of Hormuz deal would give Tehran control over ships entering the Gulf through the strait, describing it as one of the biggest concessions yet to Iran. You can read the full details in the original Reuters report.
4. Iranian Officials Are Pushing Back on Trump’s Optimism
Despite the apparent step toward yielding to Iranian demands, the sources who spoke to Reuters pushed back against assertions by President Trump that a deal reopening the strait was imminent, saying important details still had to be agreed. The gap between Washington’s public optimism and Tehran’s more cautious private assessment has been a recurring theme throughout the negotiations, and it means the Iran-Oman Strait of Hormuz deal could still take longer to finalize than headlines suggest.
5. Trump Is Still Threatening to Hit Iran “Really Hard”
Even as diplomats work through the route coordinates, President Trump warned that Iran would be hit “really hard” if nuclear negotiations collapse again, according to Fox News. The warning underscores that the diplomatic track and the military pressure track are still running in parallel, with Washington using both carrots and sticks to push the Iran-Oman Strait of Hormuz deal toward the finish line. It also suggests that even a successful route agreement may not fully resolve the broader nuclear standoff between the two countries.
6. This Builds on Bessent’s Tuesday Prediction of an Imminent Deal
In our coverage from Tuesday, Treasury Secretary Scott Bessent said on CNBC that a deal to reopen the strait with “freedom of movement” for commercial ships could come as soon as Tuesday or Wednesday. Wednesday’s Iran-Oman coordinate agreement suggests that prediction wasn’t far off, even if the final shape of the deal, with Iran gaining more control over inbound traffic, looks different from what U.S. officials initially described.
What Happens Next
If the Iran-Oman Strait of Hormuz deal is finalized without interference, the next step would likely be formal sign-off from Washington and a broader announcement on tanker traffic through the strait. Markets, insurers, and shipping companies will be watching closely, since even a preliminary route agreement can ease the risk premiums built into oil and freight prices. Our USA-Iran War 2026 intelligence report has tracked how each prior cease-fire and negotiation round has played out, while our coverage of the US-Saudi strikes on Iran-backed militias and the Egypt tanker drone attack are reminders that shipping lanes across the region remain vulnerable even as diplomats edge toward a deal.
Frequently Asked Questions
What did Iran and Oman actually agree on?
Iran’s Foreign Ministry says the two countries reached a mutual understanding on the geographic coordinates for a shipping route through the Strait of Hormuz, with a joint statement now being finalized, provided outside parties do not interfere with the process.
Would this give Iran control over the strait?
Sources told Reuters the proposed Iran-Oman Strait of Hormuz deal would give Iran control over ships entering the Gulf through the strait, which would be a significant concession compared to earlier U.S. proposals that favored routing tankers along Oman’s coast.
Is the deal officially finalized?
Not yet. Iranian officials say important details still need to be agreed, and the joint Iran-Oman statement is still in the drafting and review stage. Baghaei also cautioned that an Iran-Oman agreement alone would not guarantee security in the waterway.
How does this relate to Tuesday’s Bessent comments?
Bessent said a deal could arrive within a day or two; the Iran-Oman coordinate agreement announced Wednesday appears to be the concrete step behind that prediction, though the final structure, with Iran controlling inbound traffic, may differ from what U.S. officials first outlined earlier in the week.
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