Donald Trump poised to give Iran 'greater control' over Strait of Hormuz

About 20% of all global oil traded passed through the waterway prior to the conflict. 07:14, Wed, Aug 5, 2026 Updated: 07:16, Wed, Aug 5, 2026 US President Donald Trump (Image: Getty)The US, Iran, and Oman are nearing an interim agreement to reopen a critical trade route affected by the Middle East war, according to reports.According to the report by the Axios news outlet, the US is planning for an announcement on Wednesday, August 5. Get the latest news from around the world and more Invalid emailWe use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. Read our Privacy PolicyThe closure of the Strait of Hormuz has been a sore point in the US-Iran war, which sparked on February 28 after the US and Israel carried out joint strikes on several key Iranian.Iran retaliated by striking sites across the Middle East and closing the strait.About 20% of all global oil traded passed through the waterway prior to the conflict.An anti-US billboard in Tehran, Iran (Image: Getty)The closure has throttled the movement of oil out of the res...