Trump Eyes Hormuz Deal via Oman as Missile Stocks Near Depletion

Global oil markets and shipping lanes face renewed pressure as President Trump reported progress toward a temporary agreement to reopen the Strait of Hormuz through Oman-mediated talks with Iran. The waterway carries roughly one-fifth of world oil trade, and its closure since February has raised fuel costs and complicated supply chains for energy, fertilizers and consumer goods. Trump told reporters traveling with him in California on Tuesday that an announcement could come Wednesday or Thursday, describing the discussions as very good while repeating that failure would bring a hard military response. Iranian officials have denied direct talks with Washington and described the channel as limited to Oman on shipping mechanics, with state media indicating any deal would remain temporary absent an end to U.S. pressure. Multiple outlets reported that the emerging 60-day framework would route inbound traffic through an Iranian-controlled northern lane and outbound traffic through an Omani southern lane, with no tolls charged during the interim period and mine clearance to begin within 30 days. U.S. Central Command stated the southern route remains open and that it has assisted more than 1,000 vessels since the conflict began. Separate reporting from Reuters and CBS News, citing people familiar with internal data, indicated the U.S. Army has expended virtually all of its ATACMS and PrSM long-range precision missiles over five months of operations, with Patriot and THAAD interceptors also sharply reduced. Defense Secretary Pete Hegseth and White House officials countered that stockpiles remain sufficient for current needs and that production is expanding. Oil prices fell sharply after Treasury Secretary Scott Bessent and Trump highlighted the possibility of a near-term opening, though Brent crude later recovered part of those losses. Iranian Foreign Minister Esmaeil Baghaei told state broadcaster IRIB that talks with Oman focus on future shipping arrangements and that final results would be announced after conclusion. Houthis in Yemen separately claimed a ballistic-missile attack on a Saudi oil tanker in the Red Sea, extending their declared blockade. No independent verification exists for exact remaining U.S. missile quantities or for Iranian casualty totals exceeding 3,400 since February, both of which rest on single-side attributions.