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Global Business News

The Economic Times

Global Business / The Economic Times

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Iran, Oman near Hormuz reopening deal as talks advance

Iran and Oman are making progress on a deal to reopen the Strait of Hormuz. This potential agreement involves shared control and service fees for maritime passage. US officials confirm talks are ongoing but not yet finalized. President Trump stated this is Iran's last chance to avoid escalation. A cargo ship was recently hit by an unknown projectile in the strait.

4 Aug 2026 9:54 pm