The US, Iran and Oman are nearing a deal that would temporarily reopen the Strait of Hormuz without any tolls — with an agreement expected to be announced as soon as today, according to a report.
The deal under consideration would establish a 60-day agreement between Oman and Iran for shipping in the strategic strait, US and regional sources told Axios.
Inbound shipping traffic into the Persian Gulf would go through a northern lane through Iranian waters while outgoing traffic would pass through a southern lane through Omani waters into the Arabian Sea, the outlet said of the interim agreement.
No tolls or fees would be charged during the 60-day period — which can be extended — despite being previously proposed.
Additionally, the countries would begin removing naval mines from the strait’s median lane within 30 days.
Once the center lane is safe for travel, it will be opened to inbound and outbound traffic under a future permanent agreement between Iran and Oman, sources told the outlet.
It is unclear if any fees or tolls would be charged under a permanent deal.
The countries have been negotiating the deal for weeks with the goal of resuming the Iran-US ceasefire that collapsed last month.
Iran on Monday repeatedly denied discussing a deal over the Strait of Hormuz with the US, instead clarifying that Tehran was dealing with neighboring Oman.
Even if a deal is reached, Iran says, it would only be temporary unless what it calls US “aggression” ends.
The potential breakthrough comes after President Trump revealed over the weekend he had called off a major strike on Iran to give diplomacy one final chance before resuming military action.
About one-fifth of the world’s oil passes through the Strait of Hormuz during peacetime, but weeks of fighting have snarled shipping and rattled global markets.
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