What We're Tracking Talks to reopen Hormuz continue. Negotiations between Iran and Oman regarding a temporary framework to reopen the Strait of Hormuz are likely to continue into next week, though a deal may not be finalized. The two sides have reportedly reached an agreement on some details, such as approved routes, but other issues, including any tolling or fee structure, remain unresolved. Additional demands from Iranian hard-liners could also slow the process. Amid the ongoing regional uncertainty, shipping volumes through the Strait of Hormuz will likely remain significantly below pre-war levels. Continued negotiations may extend the current pause in fighting between the United States and Iran, but tensions could still reignite, especially if the United States resumes attacks to pressure Iran into softening its negotiation positions. Such a resumption of hostilities would risk escalating to a more sustained conflict, including Iranian retaliation against Gulf countries.