Iran said Wednesday it is in the final stage of drafting an agreement with Oman over the Strait of Hormuz, with plans to bar US and Israeli ships from the waterway and require compensation from hostile countries before they are allowed to pass, according to local media reports.
The proposed deal would set out shipping lanes and involve Iran and Oman co-managing the strait, according to Iranian officials. Iran says the United States is not involved in the negotiations.
US officials gave a more upbeat assessment. President Donald Trump said a deal could be announced this week and that significant progress had been made. Secretary of State Marco Rubio told reporters on Tuesday that negotiations have seen progress but not finality yet.
Oil prices rose as the market awaited details of the agreement.