Live updates: Iran says Hormuz deal is close but US must meet commitments before strait reopens

Key Points:

• Iranian lawmakers have drafted a bill to regulate traffic through the Strait of Hormuz, imposing restrictions on vessels from hostile countries, including the US and Israel, with fines up to 20% of cargo value for violations; the bill is under review by Iran’s Parliament National Security Commission.
• Iran is finalizing a bilateral deal with Oman on commercial shipping routes through the strait, proposing new inbound and outbound corridors that partly pass through Iranian waters, but Tehran requires US guarantees, including lifting sanctions and ending naval blockades, before allowing free transit.
• Saudi Arabia is bracing for coordinated attacks by Iraqi militias and Iran-backed Houthis in the near future, based on multiple intelligence reports, as regional tensions escalate despite ongoing de-escalation efforts and upcoming defense summits.
• Reports of depleted US missile defense stockpiles have raised concerns about American vulnerability, potentially emboldening Iran; President Trump has acknowledged tighter munitions supplies but insists the US maintains massive ammunition reserves and is ramping up production.
• Iran denies direct negotiations with the US over the Strait of Hormuz, characterizing US statements as “theater diplomacy,” while emphasizing that discussions with Oman are strictly bilateral and focused on a new security and sovereignty framework for the waterway.