US President Donald Trump said on Tuesday that the Strait of Hormuz would reopen "very soon" or "they will be hit very hard", as US officials signalled possible progress towards a temporary deal to restore shipping through the vital waterway.
In an interview with Fox News while travelling in California, the US president said Washington was holding "very good discussions" and claimed Iran wanted to reach an agreement.
"I have time," the Republican leader added, referring to a conflict that has now lasted for more than five months.
According to Axios, citing regional sources, Iran and Oman are discussing a 60-day interim arrangement to manage passage through the strait.
The report said the preliminary deal, which could be announced as early as Wednesday, would require ships entering through the strait to use a northern lane in Iranian waters, while vessels leaving would follow a southern route in waters controlled by Oman.
Axios said the arrangement would allow shipping to pass without tolls or transit fees.
During the 60-day period, and pending a final agreement, the central channel of the strait would be cleared of mines, the report added, while cautioning that the compromise has not yet been finalised.
US Treasury Secretary Scott Bessent also suggested a breakthrough could be close. In an interview with CNBC on Tuesday, he said there was "a chance that today or tomorrow we can get an agreement to reopen the strait and move towards normalisation".
Tensions in the Strait of Hormuz, which has become a major flashpoint in the war in the Middle East, remain high.
On Tuesday, the UK Maritime Trade Operations agency said a vessel in the area had been struck by an "unknown projectile".
