The US, Iran and Oman are on track to reach an interim deal to open the Strait of Hormuz. The White House is aiming to announce the news as early as Wednesday, Axios reported, citing two regional sources and a U.S. official.
Two regional sources told the news agency that the proposed 60-day agreement would direct ships traveling into the Persian Gulf through Iranian waters and ships leaving through Omani waters.
Coordination of this traffic would take place solely between Tehran and Muscat.
Iranian Foreign Minister Abbas Araghchi agreed in principle to the plan over the weekend, and the Iranian leadership completed the approval process on Tuesday, Axios reported.
On news of a possible deal on the Strait of Hormuz, the price of "Brent" crude oil - a key global benchmark - fell below $80 a barrel. This is a significant drop from the $100-plus level reached at the height of the war.
This is something that consumers - not only in the US but around the world - notice almost immediately.
The price of crude oil has a direct impact on inflation and the economy.
Meanwhile, Israeli media, citing unnamed sources in Tel Aviv, reported that US President Donald Trump and his advisers are seeking a deal with Iran "at any cost."
The report said that Israel does not receive direct information from Washington about the negotiations and instead receives most of its information independently.