File image of the Strait of Hormuz

EA on International Media: Trump “TACOs” Over US Strikes on Iran

UPDATES: US War on Iran, Day 159 — Trump “TACOs” and Bails Out on Wider US Strikes

Officials are reporting progress on an agreement between Iran and the Gulf State of Oman for joint management of the Strait of Hormuz between the two countries.

Iran’s Foreign Ministry spokesperson Esmaeil Baghaei said on Tuesday that the talks have “been assessed positively at both the technical and political levels”: “Iran is working with Oman to develop the necessary mechanisms for future arrangements governing the management of maritime traffic through this strategic waterway.”

Having tried and failed to break Tehran’s control of the Strait, US officials offered support after Donald Trump’s retreat from wider attacks on Iran.

Treasury Secretary Scott Bessent declared, “We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict.”

Secretary of State Marco Rubio was more cautious in remarks to reporters, “There’s been progress made in those talks, but not finality yet.”

Iran and Oman still appeared to differ over the exact system for the waterway, through which around 20% of the world’s maritime oil and gas passes.

A senior Iranian official confirmed that Tehran wants control over inbound shipping and visibility over outbound traffic, with the ability to intervene if necessary. The outbound lane will run between Iran and Oman, with exit clearance granted through Oman after notifying Tehran.

“Two regional officials” echoed that ships will enter via an Iranian-controlled route. However, they did not indicate that the exit via an Omani route would require or allow Iranian intervention.

The officials said that, defying the Trump Administration’s past objections to any charges for passages, service fees will be levied for security and environmental protection. Any deal is also contingent on the US lifting its blockade on Iran’s ports.

The global price of Brent crude oil tumbled below $80 per barrel with the news of progress in the talks. Brent stands at $78.55 on Wednesday morning.