Negotiations over restoring shipping through the Strait of Hormuz showed more positive signals on Aug. 5, though no formal agreement has been reached.
An Iranian Foreign Ministry spokesperson said Tehran's talks with Oman on the Strait of Hormuz had made "positive progress" at both the technical and political levels. Qatar's Foreign Ministry said a draft of a potential "US-Iran agreement" was circulating among the parties, but there is still no confirmed agenda for direct talks between Washington and Tehran. Communication, it said, is continuing through intermediaries, and the timing of any final deal remains unclear.
Talks point to possible reopening arrangement
US Secretary of State Marco Rubio said negotiations with Iran on reopening the Strait of Hormuz had made progress and that he hopes an agreement can be reached soon.
According to people cited in the report, arrangements for a full reopening of the Strait of Hormuz could be announced within hours or the following day. A temporary proposal raised by Iran could give Tehran control over vessels entering the strait, while Oman would coordinate passage for departing ships.
Iran is also said to be weighing whether to allow European countries to take part in mine-clearing operations in the strait, and it may charge Europe maintenance fees.
Shipping risk remains in place
Even with movement in the talks, maritime risk around the strait has not disappeared.
Iraq's Oil Ministry said tankers carrying Iraqi crude have passed through the Strait of Hormuz. Separately, another report said an Indian vessel sank after being hit by an uncrewed boat near Hodeidah in Yemen. The Greek bulk carrier Minoa Pioneer was struck by a missile on the Omani side of the waterway, its engine room caught fire, and one crew member was reported missing.
The CEO of the American Petroleum Institute said about 7 million barrels of oil currently move through the Strait of Hormuz each day. US Central Command said that as of Aug. 4, US forces had rerouted 45 commercial ships, rendered 2 commercial vessels non-operational, and boarded and inspected 2 commercial vessels.
Broader regional conflict continues
On the conflict front, Iranian President Masoud Pezeshkian said Iran would defend its territory but does not seek to continue or expand the war.
Reuters reported that the US Army had consumed large amounts of long-range ground-based missiles during the Iran war. In Yemen, the Houthis said they launched a drone strike on what they called a "sensitive target" at Najran airport in southwestern Saudi Arabia.
In Israel, Prime Minister Benjamin Netanyahu said Israel would not withdraw from Gaza before Hamas is fully disarmed. Hezbollah leader Naim Qassem said the resistance movement would continue its operations.
Markets watch oil and energy flows
In the market, international oil prices have fallen sharply in recent days as expectations of diplomatic de-escalation increased.
Analysts said a final arrangement on shipping through the Strait of Hormuz could ease pressure on energy supplies, but the long-running divide between the US and Iran and the region's security risks have not been fully removed.