WASHINGTON: A breakthrough agreement aimed at reopening the strategically vital Strait of Hormuz could be announced as early as Wednesday, with the United States, Iran and Oman reportedly nearing a temporary deal designed to restore maritime traffic and reinforce the fragile ceasefire between Washington and Tehran. According to a report by the US news website Axios, citing two regional sources and a US official, negotiations have reached their final stage after weeks of intensive diplomacy. The agreement is expected to provide a 60-day interim framework that could later be extended if both sides remain committed to its terms. Under the proposed arrangement, ships entering the Persian Gulf would travel through the northern shipping lane under Iranian oversight, while vessels leaving for the Arabian Sea would use the southern lane within Omani waters, coordinated in consultation with Iran. During the interim period, no tolls or transit fees would be imposed on commercial shipping. The deal also includes a commitment to clear naval mines from the central navigation channel within 30 days. Once the route is declared safe, it is expected to become the primary passage for two-way maritime traffic under a longer-term management framework jointly coordinated by Iran and Oman. The reported agreement would address some of Iran’s longstanding demands for a greater role in managing navigation through the strategic waterway, one of the world’s most important energy corridors through which a significant share of global oil and liquefied natural gas exports passes. Regional diplomatic efforts played a crucial role in bringing the parties closer to an understanding. Sources familiar with the talks said officials from Qatar, Pakistan and Saudi Arabia supported mediation efforts alongside Oman, while the White House remained actively involved throughout the negotiations. The report added that US envoy Steve Witkoff, Iranian Foreign Minister Abbas Araghchi, and Omani Foreign Minister Badr Albusaidi held several telephone discussions in recent days to finalize outstanding issues. Regional sources said Araghchi had agreed to the proposal in principle over the weekend, pending approval from Iran’s senior leadership and the Supreme National Security Council. A US official and another regional source indicated that Tehran completed its approval process on Tuesday, clearing the way for a formal announcement. If confirmed, the agreement could ease tensions in the Gulf, reduce risks to global energy supplies, and revive broader diplomatic efforts, including discussions on Iran’s nuclear programme and long-term regional stability.