US President Donald Trump has said an agreement to reopen the Strait of Hormuz could be reached within days, while warning Iran of severe consequences if negotiations fail, as tensions continue to disrupt one of the world’s most important maritime trade routes.

Speaking to reporters in California on Tuesday, Trump said negotiators had made significant progress and suggested a breakthrough could come as early as Wednesday.

“We had a very good day,” Trump said, adding that a deal could be reached “tomorrow or the next day.”

Earlier in the day, Trump adopted a tougher tone during an interview with Fox News, saying the strategic waterway would reopen soon or Iran would “get hit very hard.”

The Strait of Hormuz, located between Iran and Oman, is a critical shipping route for global oil and natural gas exports. Since the conflict began on 28 February, Iran has tightened its control over the passage and has sought to regulate vessel movements and introduce transit fees, powers it had not previously exercised.

The issue has become one of the main obstacles in diplomatic efforts to reduce regional tensions following an April ceasefire.

US Treasury Secretary Scott Bessent also expressed cautious optimism, telling CNBC there was a possibility of reaching an agreement by Wednesday or Thursday.

Despite the positive signals from Washington, Iran’s Foreign Ministry denied that direct negotiations with the United States were taking place.

US Secretary of State Marco Rubio confirmed that Washington was participating in discussions involving Oman and Iran aimed at increasing commercial traffic through the Strait of Hormuz.

According to reports from Axios, citing US and regional officials, negotiators are working toward a temporary 60-day agreement that would allow ships to pass safely through the waterway. The proposed arrangement could reportedly be announced this week if talks are successful.

Qatar, which has played a mediating role in regional diplomacy, said efforts to reduce tensions remain active but indicated that no direct talks between the United States and Iran are currently scheduled. Qatar’s Emir, Sheikh Tamim bin Hamad Al-Thani, discussed de-escalation efforts with Trump during a telephone conversation on Tuesday.

While diplomatic efforts continued, security concerns remained high across the region.

Britain’s United Kingdom Maritime Trade Operations (UKMTO) reported that a cargo vessel in the Strait of Hormuz was struck by an unidentified projectile off the coast of Oman on Tuesday, leaving one crew member missing.

Elsewhere, an Indian cargo vessel sank in the Red Sea after coming under attack from unidentified assailants. All crew members were rescued safely.

The ongoing disruptions in Hormuz have increased the importance of alternative shipping routes through the Red Sea. However, those routes also face security challenges following attacks claimed by Yemen’s Iran-aligned Houthi movement, which has declared a maritime blockade targeting vessels linked to Saudi Arabia.

The instability has forced many shipping companies to reassess routes and security measures, while energy markets continue to monitor developments closely. The Strait of Hormuz remains one of the world’s most strategically significant waterways, carrying a substantial share of global oil and liquefied natural gas exports, making any disruption a major concern for international trade and energy supplies.