Iran has halted most traffic through Hormuz while Washington maintains a blockade of Iran-related shipping and ports, disrupting a corridor that normally carries about a fifth of global oil and liquefied natural gas shipments.
A cargo vessel reported being struck by an unidentified projectile near the Strait of Hormuz off Oman's coast, according to the UKMTO maritime security agency. Maritime sources told Reuters on Tuesday that the vessel was a dry bulk ship. Its crew had to abandon the vessel and one seafarer was missing.
Iran has long demanded control over the strait, which it says it should share with Oman, which controls the opposite shore. Tehran rejected an Omani proposal last week that would have allowed shared oversight of the strait and the collection of voluntary fees from ships.
A senior Iranian source said Iran is seeking full control over inbound shipping through the strait, and visibility over outbound traffic, with the ability to intervene if necessary.
Giving Iran such control would be a major shift in the regional balance of power in Tehran's favour, and make it more difficult for the U.S. administration to argue that "Operation Epic Fury", which Trump launched alongside Israel in February, had weakened Washington's longstanding foe.
Meanwhile, questions are growing about the sustainability of the U.S. military campaign. The U.S. Army has used up much of its stockpile of highly accurate long-range missiles during the war, according to three people familiar with the data, raising concerns about the military's readiness for future conflicts.
U.S. Treasury Secretary Scott Bessent said there could be a deal reached with Iran on the reopening of Hormuz by Tuesday or Wednesday.
"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalised position in this conflict," Bessent said in an interview with CNBC.
Yemen's Iran-aligned Houthis have also imposed a naval blockade on Saudi Arabia in the Red Sea, further restricting oil export routes.
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