Iran says Hormuz deal with Oman near completion

Iran says a deal to share control of the Strait of Hormuz is nearly done with Oman acting as broker, but the U.S. denies any direct talks with Tehran.

The negotiations come as regional tensions rise over shipping lanes that carry a fifth of the world’s oil. Iran has repeatedly threatened to block the strait in retaliation for sanctions and political pressure. Oman, which has long mediated between Iran and Gulf states, is now pushing both sides toward a framework that would let commercial traffic continue while giving Iran a symbolic role in security patrols.

Pentagon officials say Iran’s Revolutionary Guard has already stepped up drone surveillance and small-boat patrols inside the strait. U.S. intelligence reports indicate Tehran may be preparing limited maritime exercises near key shipping chokepoints in the coming weeks. The White House has not commented on the reported Oman talks but insists Washington still has “full-spectrum combat capability,” brushing aside concerns about shrinking stocks of precision-guided munitions after years of high-volume use in Syria and Iraq.

If a Hormuz deal is struck, it could ease tanker insurance costs and prevent a price spike at the pump. It would also mark the first formal security cooperation between Iran and Washington since the 1979 revolution, even if both sides keep the talks quiet. Failure, however, could trigger a rapid escalation—more Iranian speedboat intercepts, more U.S. carrier deployments, and a fresh surge in oil prices that would ripple through global markets within days.