Analysts also said that this week's developments have signalled that hostilities between Iran and the U.S. are not yet over.
Iran is seeking fees of between 5% and 7% of the price of cargoes from ships using the strait, a senior Iranian official said. Oman, meanwhile, is discussing fees of about 3% while Washington wants no fees at all.
Four industry sources have said the proposed deal is not easily workable because of U.S. sanctions and restrictive insurance clauses on any payments.
"The structure of the Iran-Oman agreement in its current form and the power it yields to Iran is nothing that (U.S. President Donald) Trump can accept politically," said Bjarne Schieldrop at SEB Research. "Trump would face heavy political criticism at home if he did."
While this week's signals on a potential deal have driven a roller-coaster ride in market sentiment, the market remains in the dark as to what needs to happen for the agreement to be clinched, said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Meanwhile, Saudi Arabia expects imminent coordinated attacks from Iraqi militias north of the Gulf state and from Yemen's Houthis from the south under the supervision of Iran's Islamic Revolutionary Guard Corps, a senior Saudi official said.
The official, speaking on condition of anonymity, said late on Thursday that intelligence reports from Saudi Arabia, the United States and other regional countries indicated civilian and economic sites could be targeted, including energy infrastructure, ports and airports.
Yemen's Iran-aligned Houthis said they carried out missile and drone attacks on Saudi deployments in Marib and Hadramout in Yemen on Thursday.
Saudi Arabia, Pakistan and Turkey signed a joint defence agreement in Mecca on Friday, uniting Sunni Muslim U.S. allies alarmed at a regional conflagration that has rained missile fire onto Gulf oil exporters.
Trump told reporters on Thursday that he believed that the war would be over soon.
Meanwhile, drone attacks in the Black Sea took out as much as a fifth of Caspian Pipeline Consortium (CPC) oil loadings in July, four sources familiar with the data said, as the Russia-Ukraine war spilled over to hit Kazakhstan's and Western oil majors' sales.
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