Vessels transiting through the Gulf of Oman are pictured off the coast of Muscat on July 25, 2026. (Credit: AFP)
U.S. Secretary of State Marco Rubio said Tuesday that progress had been made in talks involving Iran and Oman on reopening the Strait of Hormuz to shipping, but that no final agreement had been reached.
“There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly,” Rubio told reporters at the State Department.
Qatar also said mediators were making progress toward ending the U.S.-Iran war, although Tehran has denied U.S. President Donald Trump’s claim that direct negotiations are already underway.
Qatar’s Foreign Ministry spokesperson Majed al-Ansari said diplomatic contacts had reached “very progressive stages,” with Qatar, Pakistan and Oman coordinating closely to facilitate talks and exchange draft proposals between Washington and Tehran.
A senior Pakistani security official said mediators were speaking to both sides, with the immediate goal of getting Washington and Tehran to agree to start talks.
Trump said Monday that negotiations with Iran had begun and described it as Tehran’s “last chance” to reach a deal. Iranian officials have rejected the claim, saying they are only holding talks with Oman over the Strait of Hormuz and that no major meetings with the United States are planned this week.
Oil prices fell sharply after Qatar’s comments, with Brent crude down more than 2%, extending Monday’s losses on hopes that an agreement could soon restore shipping through the strait.
For now, however, the waterway remains largely closed, with another vessel reportedly coming under attack while attempting to cross it.
Shipping risks remain
Iran has halted most traffic through the Strait of Hormuz while Washington maintains a blockade of Iranian-linked shipping and ports, disrupting a major global energy corridor that normally carries about a fifth of the world’s oil and liquefied natural gas shipments.
A cargo vessel was reportedly struck by an unidentified projectile near the strait off Oman’s coast, according to the UK Maritime Trade Operations agency. Maritime sources told Reuters that the vessel was a dry bulk carrier. Its crew abandoned the ship and one seafarer was missing.
Iran has long demanded a greater role in controlling the strait, which it says should be jointly managed with Oman, which controls the opposite shore. Tehran rejected an Omani proposal last week for shared oversight and voluntary fees on ships using the waterway.
A senior Iranian source said Tehran was seeking full control over inbound shipping and visibility over outbound traffic, with the ability to intervene when necessary.
Such an arrangement would represent a major shift in the regional balance of power in Iran’s favor and could complicate Washington’s argument that its military campaign, “Operation Epic Fury,” has weakened Tehran.
Meanwhile, questions are growing over the sustainability of the U.S. military campaign. The U.S. Army has used a large portion of its stockpile of precision long-range missiles during the war, according to three people familiar with the matter, raising concerns about its readiness for future conflicts.
U.S. Treasury Secretary Scott Bessent said a deal to reopen the Strait of Hormuz could potentially be reached by Tuesday or Wednesday.
“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 normalised position in this conflict,” Bessent told CNBC.
Yemen’s Iran-aligned Houthis have also imposed a naval blockade on Saudi Arabia in the Red Sea, further restricting regional oil export routes.
Iran seeks to outlast Washington
Gulf officials and analysts say Iran is betting it can outlast Washington by turning regional trade routes, shipping lanes and energy infrastructure into pressure points that steadily increase the cost of the conflict.
“Their big advantage is that they can hurt the regional states and the global economy,” said Michael Knights of the Washington Institute.
Iran has publicly rejected negotiations with Washington since the collapse in early July of a memorandum of understanding signed by the two sides the previous month in an attempt to end the conflict.
Trump has yet to achieve the main objectives he set at the start of the war: dismantling Iran’s nuclear program, curbing its ability to attack regional rivals and creating conditions for Iranians to overthrow their clerical rulers.
