Iran, the United States and Oman say they are making progress on a plan to reopen the Strait of Hormuz to commercial shipping, according to Sky News. Washington and Tehran still differ on key details of the arrangement, per the same report.

The talks follow days of tanker strikes and a fire that left a seafarer missing, which had raised the stakes on Trump's ultimatum over the strait.

Oman, which has long served as a back-channel between Washington and Tehran, is working directly on the reopening plan, according to AP News. Neither Sky News nor AP specifies what the unresolved sticking points are, and neither government has detailed its position publicly.

Why it matters: the Strait of Hormuz is one of the world's busiest oil and shipping chokepoints. A mediated plan, even an incomplete one, is the clearest sign yet that both sides want the shipping lane open rather than contested.

Hypothesis: Oman's direct role suggests both Washington and Tehran prefer a face-saving, gradual de-escalation over open-ended confrontation. Supporting this: Muscat's track record as an intermediary in past US-Iran contacts. Against this: the core disagreements remain unresolved, per Sky News, and no public ceasefire mechanism for the strait has been confirmed.

What to watch: whether Tehran and Washington disclose the remaining sticking points, and whether shipping and insurance markets treat the Oman-brokered talks as durable enough to ease risk premiums on Hormuz transits.