Energy · Hormuz blockade · ArchiveIran Nears Strait of Hormuz Deal Granting It Inbound Traffic ControlAired August 7, 2026 at 2:59 PM UTCWritten September 7, 2026 at 9:22 PM UTCRead the write-upThis storyTranscript · LOADING0:00Iran says it is in the final stages0:01[music] of drafting an agreement with0:03Oman that would fundamentally alter0:05control of the Strait of Hormuz, the0:07narrow waterway through which a fifth of0:09the world's oil and gas flows. Under the0:11reported terms, Iran would oversee ships0:13entering the Gulf through the strait,0:15while Oman would manage outbound0:16traffic.0:18That is not a restoration of pre-war0:19[music] freedom of navigation. It is a0:21transfer of operational authority to0:23Tehran. The economic stakes are0:25enormous. Before the war, 130 tankers0:27passed through [music] every single day,0:29returning that volume, according to0:30former US diplomat Air, would take a0:32long time. Months without incident to0:34establish credibility because ship0:36owners, insurers, and Gulf governments0:38will not trust a new agreement0:39immediately. [music] This war is now0:41nearly 6 months old. Two prior0:43ceasefires hinged on reopening the0:44strait, and both collapsed. [music]0:46A previous memorandum of understanding0:48fell apart within weeks amid disputes0:50over shipping [music] routes, attacks on0:51vessels, and sanctions relief. Reuters0:53now reports that Iran warned Gulf states0:56to tell President Trump to desist, or0:57[music] we will hit you hard. Trump0:59himself said last weekend he was1:00preparing a major offensive targeting1:02Iran, but pulled back after diplomatic1:04intervention from Gulf monarchies. Now1:07Iran says it is in the final stages of1:08drafting an agreement with Oman,1:10>> [music]1:10>> but neither Washington nor Muscat has1:12confirmed a word of it. President Trump1:14now alternates between threatening1:16military action and supporting1:17diplomacy. Alan [music] Air told us the1:19United States has to back down in all1:21probability, and that that ship has1:23sailed.1:23>> [music]1:23>> Megan Suckling says an agreement on1:25shipping is a necessary foundation for a1:27broader ceasefire, but even if reached,1:29it does not guarantee productive1:31negotiations with Washington. [music]1:32The gulf between the two positions is1:34stark. Washington has insisted the1:36strait must remain open free of Iranian1:39control and without mandatory fees. The1:41reported deal gives Iran exactly that1:43authority, and Iran has reportedly1:45discussed charging vessels according to1:47the value of their cargo. Air says Iran1:49may announce no tolls for the first1:50[music] 30 to 60 days, then introduce1:52fees once the arrangement is normalized.1:54He calls the outcome a massive [music]1:56setback for the principle and1:58international law of freedom of1:59navigation.2:06The Gulf monarchies have been the2:07primary recipients [music]2:09of Iranian retaliation following every2:11round of US air strikes,2:12>> [music]2:13>> and President Trump now alternates2:14between threatening military action and2:16supporting diplomacy, leaving the region2:18uncertain whether either posture is2:20strategic. [music]2:20The window is narrow. Megan Sutcliffe2:23says the next few days will determine2:24whether the strait reopens. Iran and2:27Oman are expected to issue formal2:28statements [music] on shipping2:29coordinates, and direct US-Iran2:31negotiations, which Sutcliffe says are2:33essential to move any agreement from2:35intention to signed paper, remain2:37unscheduled. The last deal collapsed2:39within weeks. This one hasn't been2:41confirmed.Explore with HeyDexThe shortThe short ↗