President Donald Trump indicated that a deal involving the Strait of Hormuz could be finalized by Wednesday, August 6. If true, it would mark the most significant de-escalation in the crisis that has rattled global energy markets since Iran imposed a blockade on the waterway back in February.
What’s actually happening at the strait
Iran has blocked the Strait of Hormuz since February 28, 2026, choking off a passage that handles a massive share of global oil transit.
A memorandum of understanding signed in June 2026 temporarily eased tensions, but it didn’t solve the underlying problem.
Treasury Secretary Scott Bessent has suggested that talks could conclude as soon as August 5, with a broader US-Iran accord aimed at restoring “freedom of movement” through the strait. The deal reportedly involves Iran and Oman, with specific transit route agreements potentially on the table.
