West Asia war: Trump says Strait of Hormuz deal could happen soon amid Iran-Oman talks

President Donald Trump has indicated that a breakthrough on the Strait of Hormuz could be imminent, saying "a lot of progress had been made" toward reopening the strategic waterway and hinting that an announcement could come soon.

The remarks came as Iran confirmed it had reached an agreement with Oman on the shipping route through the Strait of Hormuz. Tehran's foreign ministry said both countries are finalising arrangements for jointly managing vessel traffic through one of the world's most important oil transit chokepoints.

The developments suggest diplomatic efforts may be gaining traction after weeks of heightened tensions that disrupted global shipping and energy markets.

US missile shortages

Behind the scenes, however, Washington is grappling with a different challenge.

According to The Washington Post, Trump confronted Defence Secretary Pete Hegseth during a Cabinet meeting after learning that the US military was facing severe shortages of precision-guided missiles. The report says Trump demanded to know why he had not been informed earlier and expressed frustration that he believed the munitions issue had already been resolved.

MUST READ: Hormuz power play: Iran's proposed 7% shipping toll could unlock $100 billion a year 

The shortages reportedly include Tomahawk cruise missiles, ATACMS long-range missiles, Patriot air-defence interceptors and THAAD interceptors. After months of sustained military operations, US stockpiles have reportedly been depleted to levels that make it difficult to sustain a prolonged offensive campaign.

The lack of available munitions is understood to have played a key role in Washington's decision to scale back military operations against Iran and intensify diplomatic engagement instead.

Iran hints US willing to honour previous commitments  

Iran has also suggested that Washington is prepared to return to commitments made under an earlier understanding, even as it denied that fresh negotiations are currently underway.

Deputy Foreign Minister Kazem Gharibadadi told state broadcaster IRNA that the United States appeared ready to "return to commitments," without elaborating further. The comments are widely seen as referring to the memorandum of understanding reached on June 17.

Under that arrangement, Iran agreed to allow commercial vessels to transit the Strait of Hormuz without charging tolls for 60 days. In exchange, the United States committed to lifting its naval blockade of Iranian shipping and taking other confidence-building measures.

Trump's latest comments have fuelled speculation that both sides could soon formalise a broader agreement centred on restoring normal shipping through the waterway.

Shipping industry rejects Hormuz toll proposal  

Even as diplomatic talks progress, the global maritime industry has mounted strong opposition to Iran's reported proposal to levy transit fees on ships using the Strait of Hormuz.

Eight of the world's largest shipping organisations have jointly written to UN Secretary-General António Guterres and International Maritime Organization Secretary-General Arsenio Dominguez, urging them to oppose any compulsory tolls.

The industry groups warned that mandatory transit charges would break with long-established international maritime practice and could encourage similar fees in other strategic waterways around the world.

They also called on the United Nations and the IMO to prioritise the safety and security of seafarers operating in the Gulf.

The signatories include the International Chamber of Shipping, Asian Shipowners' Association, BIMCO, Cruise Lines International Association, European Shipowners, INTERCARGO, INTERTANKO and the World Shipping Council.