Iran and Oman are close to finalizing a temporary, toll-free shipping agreement for the Strait of Hormuz, a pact endorsed by Gulf Cooperation Council members that would cover inbound traffic via Iranian waters and outbound routes nearer Oman.
The United Nations' International Maritime Organization and the U.S. will participate in the announcement, though Iranian Deputy Foreign Minister Kazem Gharibabadi insisted no direct negotiations with Washington have taken place. U.S. President Donald Trump, who cancelled planned strikes on Iran on Sunday to preserve diplomacy, said Thursday he believes the conflict will end "rather soon" and that the strait could reopen shortly. Treasury Secretary Scott Bessent suggested a deal could materialize by Wednesday.
Separately, leaders of Saudi Arabia, Pakistan, and Turkey are meeting Friday in Jeddah to sign a mutual defense pact, as Riyadh warned of coordinated militia attacks on its infrastructure.