Follow The Hindu LIVE for latest updates on the West Asia war even as Iran said it is in the “final stage” of drafting an agreement with Oman over the Strait of Hormuz

Iran and the Gulf Arab state of Oman have made progress toward a deal to reopen the Strait of Hormuz, a potential breakthrough that could help wind down the war in the Middle East.

Oil prices experienced a significant decline on Tuesday, falling over five percent. Hopes for a diplomatic resolution to the West Asia conflict emerged. This potential resolution…