RESOLVING THE LEDGER
This is one outlet's own report from The Times of Israel — the article as it was filed. Other outlets are covering the same event; open the full story to compare every source side by side.
See the full story · 14 sourcesUS Treasury Secretary Scott Bessent said Washington could reach a deal with Tehran to reopen the Strait of Hormuz by Wednesday, amid reports that an emerging Iranian-Omani deal on the waterway would hand the Islamic Republic unprecedented control over it.
Speaking to CNBC on Tuesday, Bessent was upbeat that energy prices could stabilize as a result of a US deal with Iran on the blockaded strait, where he said hundreds of ships are waiting to leave.
"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," Bessent said.
"Even though things are still a little dicey there over the past few days, we've (seen) quite a few ships coming out even now," Bessent said. "So you know, I'd expect the energy prices to settle back down, which, as I said, will be good for the entire world."
Asked if a deal would allow Iran to charge a toll on shipping using the strait, Bessent said: "I think it would be freedom of movement."
US Treasury Secretary Scott Bessent says deal with Iran on Strait of Hormuz may happen 'today or tomorrow'. pic.twitter.com/ZtnnROfJIe
— Aditya Raj Kaul (@AdityaRajKaul) August 4, 2026
Vessels going in the opposite direction, leaving the Persian Gulf, would use a route through the strait near Oman's coast.
The report was unclear on who exactly is negotiating the deal and whether the United States is involved. It cited a US official as casting the Iranian description of the deal as "not accurate," asserting that any routes the US agreed to would not require Iranian approval or include tolls.
A senior Iranian source told Reuters that Iran wants control over inbound shipping through the strait and visibility over outbound traffic, with the ability to intervene if necessary.
The source, who is involved in the talks, said this is "the general idea currently being discussed," and specified that the outbound lane would follow a route between Iran and Oman, with exit clearance granted through Oman after notifying Iran.
"Tehran is unlikely to change its position," the source added.
Until the recent war, the Strait of Hormuz operated for decades as a free international waterway, but it has become a major sticking point in efforts to end the war. Since a ceasefire broke down, Iran has resumed a blockade of the critical trade corridor it first imposed early in the war, obstructing vessels attempting to pass and firing on commercial ships.
On Tuesday, a cargo vessel was struck by an "unknown projectile" in the strait off the coast of Oman, a British maritime agency said, without giving specifics on damage or injuries.
The vessel, which has not been named, reported being "hit by an unknown projectile" and authorities were investigating, the United Kingdom Maritime Trade Operations said, adding that the incident occurred 20 nautical miles (37 kilometers) northeast of Al Khasab, Oman.
The ship suffered damage, according to British maritime security firm Ambrey, which did not elaborate.
Efforts to bring about a diplomatic solution between the US and Iran are “ongoing,” Qatar’s Foreign Ministry spokesman Majed Al-Ansari said on Tuesday.
“We can confirm that efforts are ongoing with all parties; we are looking into a diplomatic solution,” Ansari said.
The focus of those efforts is de-escalation and opening the Strait of Hormuz, he said.
Meanwhile, Iran's President Masoud Pezeshkian said on Tuesday that the Islamic Republic did not want the conflict to widen: "We defend our borders, but we do not seek to expand the war," he was quoted as saying by state media.
Trump said Monday that talks with Iran had resumed, a day after saying he called off massive strikes that he'd threatened to unleash on the country. Trump said he had pulled back at the urging of Gulf allies Qatar, Saudi Arabia and the United Arab Emirates.
Whether “Iran wants to admit it or not, we are, in fact, talking,” Trump maintained.
Iranian Foreign Ministry spokesperson Esmail Baghaei said Monday that no negotiations were being held with the US, adding that Tehran’s talks were only with Oman and focused on the Hormuz mechanism.
Trump voiced frustration with Iran, suggesting Tehran had asked for the talks.
“Iranian Leadership is unbelievably duplicitous!” the US president vented on Truth Social , his social media platform.
“They ask for a meeting, some would say ‘beg,’ talks begin, with more scheduled in the immediate future, and they say, openly and proudly, that they’re not having any discussions, that nothing is being talked about, and they’re only dealing with ‘Oman,’” he wrote.
Trump may face difficulties maintaining a renewed escalation if he decides to do so, as the US Army has used up much of its stockpile of highly accurate long-range missiles during the war, three people familiar with the data told Reuters.
The missiles are principally the Army's surface-to-surface weapons, known as Army Tactical Missile Systems (ATACMS) and Precision Strike Missiles (PrSM). The US has used "virtually all" of these weapons, according to two of the sources.
The long-range munitions are an important part of the military's arsenal, allowing accurate strikes from a safe distance. US-supplied ATACMS have played a key role in the war in Ukraine, allowing Ukrainian forces to attack targets inside Russia. The PrSM is a newer, more advanced generation that will replace the ATACMS, which have a shorter range.
Analysts say such weapons – which cost over $1 million each – would also be important in any conflict with China.
The sources declined to say how many of each munition the US had left.
A person familiar with the matter said that while Central Command — which oversees US forces in the Middle East — has nearly used up the land-based missiles it had before the war began, it has been able to reload from US military supplies elsewhere in the world.
Asked for comment on the stockpile data, the White...
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