Former U.S. President Donald Trump has indicated that a resolution for the Strait of Hormuz could be announced soon, stating that "a lot of progress had been made" toward normalizing shipping through the vital waterway. His remarks coincide with Iran's confirmation of an agreement with Oman to collaboratively oversee vessel traffic in the strait, a critical chokepoint for global oil transit.
Diplomatic Progress and Industry Concerns
The recent developments signal a potential easing of tensions that have disrupted international shipping and energy markets for weeks. Iran's foreign ministry confirmed that Tehran and Muscat are finalizing arrangements for the joint management of the shipping route, which is one of the world's most important oil transit passages.
Despite these diplomatic advancements, the global maritime industry has voiced strong opposition to Iran's reported proposal to impose transit fees on ships using the Strait of Hormuz. Eight major shipping organizations have collectively appealed to UN Secretary-General António Guterres and International Maritime Organization (IMO) Secretary-General Arsenio Dominguez, urging them to reject any mandatory tolls. Industry groups, including the International Chamber of Shipping and the World Shipping Council, warned that such charges would violate established international maritime practices and could set a precedent for similar fees in other strategic global waterways. They also emphasized the need to prioritize the safety and security of seafarers in the Gulf region.
US Missile Shortages Shift Strategy
Behind the scenes, Washington has reportedly faced its own challenges, which may have influenced its diplomatic approach. According to media reports, President Trump confronted Defense Secretary Pete Hegseth over severe shortages of precision-guided missiles within the U.S. military. The report indicated Trump's frustration over not being informed earlier about depleted stockpiles of munitions, including Tomahawk cruise missiles, ATACMS long-range missiles, Patriot, and THAAD interceptors.
These shortages, reportedly a result of sustained military operations, are believed to have played a significant role in Washington's decision to scale back military actions against Iran and intensify diplomatic engagement instead.
Iran Hints at Prior Commitments
Iran has also suggested that the United States is prepared to honor commitments made under a previous understanding, though Tehran denied any new negotiations are currently underway. Deputy Foreign Minister Kazem Gharibadadi told state broadcaster IRNA that the U.S. seemed ready to "return to commitments," a statement widely interpreted as referring to a memorandum of understanding reached on June 17.
Under that prior arrangement, Iran had agreed to allow commercial vessels to transit the Strait of Hormuz without tolls for 60 days. In return, the United States committed to lifting its naval blockade of Iranian shipping and implementing other confidence-building measures. Trump's recent comments have fueled speculation that both sides may soon formalize a broader agreement aimed at restoring normal and secure shipping through the critical Strait of Hormuz.