Trump Fuels Hopes of Hormuz Reopening With Hints a Deal is Near

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Or sign-in if you have an account.(Bloomberg) — US President Donald Trump said a deal on the Strait of Hormuz is possible as early as Wednesday, as expectations build for an arrangement that allows for the reopening of the crucial waterway for energy markets. 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Tomorrow or the next day,” Trump told reporters in Los Angeles on Tuesday night, when asked about reports that an announcement is imminent. Talks with Iran are “moving along very nicely,” he added. “We’ll know in 48 hours.”The US, Iran and Oman are preparing to announce a 60-day agreement on shipping through Hormuz as soon as Wednesday, Axios reported, citing two regional sources and a US official. Under the proposal, inbound vessels would use a northern lane near Iran, while outbound traffic would travel through Omani waters in coordination with the Islamic Republic.No tolls or fees would be charged during the transitory agreement, Axios said. Iran and Oman would also work to clear mines from a middle shipping lane for two-way traffic.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againIn a Fox News interview recorded earlier in the day, the Trump had also expressed optimism on the talks, while repeating a threat that “if they don’t make a deal, it’s going to be too bad.” Over the weekend, Trump held off on attacks he said would have been the largest since World War II.Signs that negotiations are moving toward a resolution, including from Qatar and US officials on Tuesday, helped ease the pressure on oil prices, with the global benchmark crude contract down about 9% since the start of the week. Brent futures traded at just over $80 a barrel on Wednesday, up 1%, erasing an earlier decline after Yemen’s Houthi militants threatened to escalate attacks on Middle East shipping. The Iran-back group said it would target Saudi tankers diverting toward the north of the Red Sea — a key workaround route during disruption in the Strait of Hormuz. Trump discussed efforts to de-escalate US-Iran tensions with Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in a call Tuesday, according to the Gulf state’s government. A White House official confirmed the call, but didn’t offer additional details.A short-term deal could help normalize commercial shipping in the strait — a crucial conduit for global energy supplies — and prevent the resumption of fighting in the Middle East. Even if an agreement is reached, there’s no guarantee it will lead to a permanent end to the war.The previous US-Iran ceasefire lasted less than a month before collapsing over disagreements about control of Hormuz, highlighting the risk that military strikes and Iranian retaliation may resume if a new agreement unravels.In a possible concession that could form part of an agreement, Iran is considering allowing European nations to remove mines from the strait, according to diplomats familiar with the matter, who spoke on condition of anonymity to discuss sensitive information.That is contrary to Iran’s public stance, but in private meetings in recent weeks Tehran has softened its position. Iran’s foreign ministry didn’t immediately respond to a request for comment.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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