By: Ebenezer Adu-Gyamfi / Emmanuel Ayiku for GhanaianNewsCanada | August 5, 2026
Oil tankers sit idle near the Strait of Hormuz as President Trump announces a potential deal to reopen the shipping lane this week.
President Donald Trump said Tuesday that an agreement to “Immediately, Completely and Totally” reopen the Strait of Hormuz could be reached as early as Wednesday, as the U.S. holds off on new strikes against Iran to give diplomacy a chance.
In a post on Truth Social late Saturday, Trump said Iran and other Middle Eastern countries had asked for time to finalize a deal to end Tehran’s nuclear threat and reopen the strait, through which roughly one-fifth of the world’s oil and liquefied natural gas previously flowed.
“Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL,” Trump wrote. He added that Israel “joins me in this commitment”.
Oman Leads Final-Stage Talks
Iran’s Foreign Minister Abbas Araqchi said negotiations with Oman over the Strait of Hormuz are in their “final stages,” with a joint statement being drafted. According to Iranian officials, the proposed deal would give Tehran control over ships entering the Gulf through Hormuz.
Omani and Gulf negotiators are pushing for a different model: regional countries would supervise inspections and any fees for using the strait would be voluntary.
U.S. officials have made clear they will not accept any arrangement that puts Iran in charge of the waterway. The apparent gap remains the biggest obstacle to a deal ahead of the potential Wednesday deadline.
The diplomatic push comes after weeks of U.S. and Israeli strikes aimed at breaking Iran’s grip on Hormuz. The conflict, which began five months ago, has spread from the Gulf to the Red Sea and even to a facility in Egypt.
Gulf Pressure and Military Posturing
Saudi Crown Prince Mohammed bin Salman called Trump over the weekend urging de-escalation, according to Saudi officials. Saudi Arabia warned that prolonging the war risks broader regional instability.
Not all Gulf states agree. The United Arab Emirates has reportedly lobbied Trump to take more decisive action, arguing the Revolutionary Guard won’t compromise without greater pressure.
Meanwhile, U.S. Central Command circulated an internal email last week asking analysts for “new creative and unconventional ways to pressure and punish Iran,” a sign that military options remain on the table if talks fail.
Iran has warned that any U.S. escort of commercial ships through routes it does not authorize would be met with force. An IRGC commander said, “Our sword will always hang over the Strait of Hormuz.”
Economic Stakes
The closure has already hit energy markets. Saudi Aramco shut its 400,000 barrel-per-day Jazan refinery on July 27 after an attack. Oil prices dropped more than 5% last week before rebounding on renewed strike reports.
Analysts say a prolonged closure could trigger LNG shortages in Europe this winter and drive up prices for diesel and fertilizer globally.
Trump told reporters the U.S. is having “good talks” with Iran but warned strikes would resume if a deal isn’t reached quickly.
With Oman mediating and Gulf powers divided on how hard to push Tehran, Wednesday could bring either the first breakthrough to reopen Hormuz or another escalation in a war that has already reshaped Middle East shipping.
