The situation around the Strait of Hormuz, critical for global trade, is facing a key turning point. US President Donald Trump announced that the strategic waterway could be fully open “literally by tomorrow”.
His statement came amid intense diplomatic exchanges in the Middle East and threats of massive military action in the absence of an agreement.
“We’re talking about the Strait, about opening it. This is their last chance to sign a good deal”, Donald Trump told reporters in the Oval Office. He added that the US was ready to launch large-scale air strikes against Iran, but postponed them at the request of regional partners such as Saudi Arabia, the United Arab Emirates and Qatar. According to Trump, the first phase of the potential agreement provides for the immediate restoration of free navigation, and the second - the complete denuclearization of Iran. He was categorical that Washington will not allow Tehran to impose fees for the passage of commercial vessels, referring to the US-imposed maritime blockade.
For its part, the authorities in Tehran categorically deny holding direct negotiations with the US and called the American leader's claims “another lie”. However, the Iranian Foreign Ministry confirmed that intensive talks are underway with Oman to create a temporary shipping route in the region, state television (irib.ir) reports. The idea envisages that ships would enter the Persian Gulf through a corridor controlled by Iran and exit through waters controlled by Oman.
Despite the optimism of the White House, tensions in the region remain extremely high. The UK Maritime Trade Operations Office (ukmto.org) reported a new incident, in which which cargo ship was hit by an “unknown projectile“ northeast of the port city of Al Khasab in Oman.
Financial markets reacted immediately to the news. Immediately after Donald Trump's statements, crude oil prices fell by more than 4-5%. The “Brent“ grade fell to levels of around $82-83 per barrel, while the US light crude oil (WTI) fell below $79. Investors are hoping for a quick de-escalation, as nearly a fifth of the world's oil traffic passes through the Strait of Hormuz.
US Treasury Secretary Scott Besant expressed hope to economic media such as CNBC (cnbc.com) that the finalization of the agreement to open the strait could happen within today (August 5, 2026). International analysts, however, warn that while signals from Washington and Tehran do not coincide completely, shipping in the area remains highly risky.