- August 3, 2026
- Posted by: Tresmark
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Iran said it is close to reaching an agreement with Oman on a new shipping route through the Strait of Hormuz, following U.S. President Donald Trump's decision to suspend planned military strikes in favour of renewed diplomacy over Tehran's nuclear programme.
Iranian Foreign Ministry spokesman Esmaeil Baqaei said the proposed route would respect the sovereignty and security interests of both countries, while stressing that the arrangement should not be interpreted as a full reopening of the strategic waterway.
Trump said the United States had agreed to hold off on further military action after indications that the framework of a deal with Iran was taking shape. He also held talks with Saudi Crown Prince Mohammed bin Salman, who emphasised the importance of dialogue to reduce regional tensions.
Separately, Iranian President Masoud Pezeshkian described the Islamabad Memorandum of Understanding as the cornerstone of Iran's future foreign relations, while Iranian officials said efforts were underway to revive the agreement through diplomatic engagement.
Meanwhile, OPEC+ approved an increase of around 188,000 barrels per day in oil production from September, completing the phased rollback of its voluntary production cuts introduced in 2023.
