Iran and the U.S. say a Strait of Hormuz deal is close, but one or both would have to back down

“It could happen. Tomorrow or the next day,” the president said. “A lot of progress has been made.”

CAIRO — Iran said Wednesday it is in the “final stage” of drafting an agreement with Oman over the Strait of Hormuz, and U.S. President Donald Trump has said a deal could be announced this week. That could potentially reopen the critical waterway, ease pressure on the world economy and help bring an end to the war.

But the agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports. The Trump administration has previously ruled out any deal that would cement Iran’s grip over the strait, which would amount to a major loss for the U.S. and a break with global norms.

Iran has insisted on some measure of control over the strait, saying it will not go back to being an open international waterway, as it was before the war.

The U.S., along with Israel, launched the war on Feb. 28, citing various goals including toppling Tehran’s government and ending its nuclear program. Those have not been achieved, and the conflict has devolved into a fight over the strait as Iran’s assertion of control and attacks on shipping have ground traffic to a near halt.

Vessels anchored in Bandar Abbas, along the Strait of Hormuz, in June.Amirhossein Khorgooei / ISNA/AFP via Getty ImagesClosure of the strait, through which a fifth of the world’s traded oil and natural gas once passed, has driven up the price of fuel and basic goods, roiling the global economy. Trump is also under mounting pressure to end an unpopular war ahead of U.S. congressional elections.