President Donald Trump said Tuesday evening that a deal to reopen the Strait of Hormuz could be announced within days [1, 2].
Restoring shipping through the waterway is critical for global energy markets, as the strait serves as a primary artery for oil exports from the Persian Gulf. Any prolonged closure or instability in the region threatens to spike global oil prices and disrupt international trade.
Speaking during a press briefing with reporters in Washington, D.C., Trump said that the agreement to reopen the Hormuz Strait is close at hand [1, 2]. He said that an announcement on the matter could happen today or tomorrow [1].
The remarks follow reports that Iran and Oman are in final-stage talks to restore shipping through the strategic waterway [2]. The administration has sought to signal this progress to markets to stabilize energy expectations.
Despite the optimism regarding the reopening, Trump said the administration is exploring alternatives to the waterway. "We’re looking at new sources of oil that don’t have to go through Hormuz," Trump said [2].
There has been a shift in the U.S. approach to funding the security of the passage. Trump previously proposed a 20% transit fee for vessels in the Strait of Hormuz [3, 4]. However, reports indicate that Trump has dropped this specific proposal [3]. Instead, the president now wants Gulf nations to invest in the U.S. in exchange for safe passage [4].
“"An announcement on the Strait of Hormuz could happen today or tomorrow."”
The transition from a direct 20% transit fee to a model based on U.S. investment suggests a strategic pivot in how the U.S. leverages its security guarantees in the Middle East. By tying maritime safety to economic investment in the U.S., the administration is attempting to convert military protection into direct domestic economic gain while utilizing Oman as a diplomatic bridge to Iran.
