US and Qatari officials said on August 4 that negotiations over reopening the Strait of Hormuz are moving forward, though a deal with Iran has yet to be announced, according to reports.
“Talks have made progress, but nothing is finalized yet,” US Secretary of State Marco Rubio said. He noted that Iran and Oman are negotiating with US involvement, focusing first on an “immediate resolution” to the strait crisis before tackling longer-term goals around Iran’s nuclear program.
Treasury Secretary Scott Bessent said in a television interview on the 4th that an agreement on the strait could be reached as soon as that day or the next. “We are negotiating with the Iranians, and I think we could have a deal today or tomorrow,” Bessent said.
Meanwhile, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on the 4th that Tehran is holding talks with Oman over the strait, describing progress at both technical and political levels as “positive.”
Baghaei said the discussions are centered on defining safe shipping lanes for vessels. Iran and Oman are working together to develop the “necessary mechanisms” for managing maritime traffic through the strait, with final results to be announced once all talks conclude.
Qatari officials also struck an optimistic tone. Foreign Ministry spokesperson Majed al-Ansari said the negotiations over the Strait of Hormuz are at a “very smooth stage,” and that a potential draft agreement “has been circulated among the parties.”
However, Qatar indicated that no concrete agenda currently exists for direct US-Iran negotiations.
Over the weekend, Trump had threatened a large-scale military strike on Iran, but abruptly withdrew the threat following mediation efforts by Middle Eastern allies.
“Our focus right now is on avoiding escalation, reopening the strait, and opening doors for diplomacy among all parties,” al-Ansari said. “The last thing we want is a major escalation in the region.”
Oil prices tumbled on the 4th to their lowest level in three weeks, driven by hopes for a deal on the Strait of Hormuz. WTI crude futures fell $4.57, or 5.7%, to settle at $75.77 per barrel. Brent crude futures dropped $4.41, or 5.3%, to close at $79.36 per barrel.
