Iran and Oman are negotiating new shipping lanes to reopen the Strait of Hormuz. A deal could lower regional tensions but hinges on US sanctions and maritime security.

The strait was an open international waterway before the U.S. and Israel attacked Iran on Feb. 28.

US Treasury Secretary Scott Bessent told broadcaster CNBC "there is a chance we may have a deal today or tomorrow", a day after President Donald Trump said the strait might reopen on Tuesday (Aug 4).

US Treasury Secretary Scott Bessent told broadcaster CNBC "there is a chance we may have a deal today or tomorrow", a day after President Donald Trump said the strait might reopen on Tuesday (Aug 4).

U.S. Treasury Secretary hints at a potential Iran deal to reopen the Strait of Hormuz, stabilising global energy prices by August 5.

US Treasury Secretary Bessent suggests a deal with Iran to reopen the Strait of Hormuz could stabilise energy prices globally. Read more at straitstimes.com. Read more at straitstimes.com.

The vessel, which has not been named, reported being "hit by an unknown projectile" and authorities were investigating, the United Kingdom Maritime Trade Operations (UKMTO) said, adding the incident occurred 20 nautical miles (37 kilometres) northeast of Al Khasab, Oman.

President Donald Trump said the two sides are resuming talks to wind down the war. Iran disputed that claim, saying it was only talking with Oman.

Washington DC: Amid diplomatic engagements between Washington and Tehran to reopen the Strait of Hormuz, US Treasury Secretary Scott Bessent on Tuesday