Trump Eyes Hormuz Deal via Oman as Missile Stocks Near Depletion

The United States has exhausted nearly its entire stockpile of long-range precision missiles after five months of direct conflict with Iran, according to three people familiar with internal military assessments. The depleted weapons include the Army Tactical Missile Systems and the newer Precision Strike Missiles, both critical for standoff strikes that minimize risk to US forces.

This shortage comes as President Donald Trump weighs renewed military action while simultaneously pursuing a temporary agreement with Iran and Oman to reopen the Strait of Hormuz. The strait, which carries roughly a fifth of global oil shipments, has been largely closed since the war began on February 28. Sources told multiple outlets that an interim 60-day deal is nearing completion, with shipping lanes divided between Iranian and Omani waters and no tolls imposed during the initial period.

Trump has alternated between threats and diplomatic overtures in recent days. He told Fox News that a massive strike remains possible if Iran backs out of talks, yet he also described an all-day negotiation on Tuesday as productive and predicted an agreement could be announced as soon as Wednesday or Thursday. Iranian officials have pushed back on claims of direct US involvement, insisting talks are bilateral with Oman and warning that continued US threats could delay progress.

The missile shortfall raises immediate questions about US military readiness. ATACMS missiles have previously supported operations in Ukraine, and analysts note their value in any potential confrontation with China. With stocks nearly gone, officials would face greater reliance on crewed aircraft for future strikes, increasing exposure for American personnel. Defense Secretary Pete Hegseth has downplayed supply concerns in prior statements, but the latest assessments indicate the five-month campaign has outpaced production and replenishment rates.

Trump launched the joint US-Israel operation with predictions of a short conflict. Instead, the fighting has killed thousands, displaced millions, and triggered repeated cycles of escalation and last-minute pauses. Rights groups have flagged earlier presidential threats against Iranian civilian infrastructure as potential violations of international law, including the Geneva Conventions.

Regional mediation efforts continue, with Qatar reporting progress toward a broader ceasefire. Oil prices eased and stock markets rose on Wednesday following reports of advancing Hormuz talks, reflecting investor hopes that sustained fighting may be winding down. Whether any deal will address core US demands on Iran’s nuclear program remains unclear, and Trump has reiterated that military force stays on the table if negotiations collapse again.