Mediators from Pakistan, Egypt, and Qatar reported on 28 July 2026 that negotiations between the United States and Iran are progressing toward an agreement that would revive a previous memorandum of understanding, with talks centred on Strait of Hormuz shipping operations. The White House is reported to be awaiting a Trump–Netanyahu meeting before committing to the proposal, indicating the deal has not yet been finalised.
The Strait of Hormuz is the principal maritime transit route for Persian Gulf crude oil exports. WTI crude (CL) is directly connected to this development as the strait handles a significant share of global seaborne oil flows; any shift in access terms or operational control would affect supply logistics for crude priced against that benchmark.
A directly related diplomatic thread emerged on the same date, with Oman proposing a regional management mechanism for the Strait of Hormuz modelled on the Strait of Malacca framework, under which Iran would not exercise sole control and vessel operators would contribute voluntary navigation fees. Iran's foreign ministry also held separate discussions with Saudi Arabian and Omani counterparts regarding maritime security in the strait, occurring against a backdrop of what CNBC described as positive signals from the Trump administration.
Sources: investinglive.com, Cnbc TOP