The United States and Iran are on the verge of a diplomatic agreement that would reopen the Strait of Hormuz, the narrow waterway through which roughly 20 percent of the world's oil supply flows, according to multiple officials familiar with the negotiations. An announcement is expected as early as this week, with Oman playing a central role as intermediary between Washington and Tehran.

Treasury Secretary Scott Bessent has been identified as a leading American figure in the talks, which have accelerated in recent days. The negotiations come after Iran moved to restrict or threaten passage through the strait during a period of escalating confrontation, sending oil markets into volatility and raising alarms among U.S. allies in Europe and Asia who depend heavily on Gulf energy exports.

Oman, which has historically served as a back-channel between the United States and Iran, helped broker the framework now under discussion. Officials described progress as substantial, though final details of the agreement have not been disclosed publicly. The deal is expected to address both the immediate question of maritime access and broader security assurances.

The development represents a notable shift in the diplomatic landscape. The Trump administration has pursued parallel tracks of pressure and negotiation with Tehran, including public warnings about potential military strikes if talks failed. The proximity of a deal suggests that pressure campaign produced results, even as critics questioned the risks of military brinkmanship in one of the world's most sensitive waterways.

Energy markets responded cautiously to news of the impending agreement, with oil prices edging lower in anticipation of restored shipping flows. Analysts cautioned that implementation details and Iranian domestic politics could still complicate the timeline before any deal is formally ratified and operational.