Iran said Wednesday it is in the "final stage" of drafting an agreement with Oman over the Strait of Hormuz, and U.S. President Donald Trump has said a deal could be announced this week. That could potentially reopen the critical waterway, ease pressure on the world economy and help bring an end to the war.

But the agreement is likely to be contingent on the U.S. lifting its blockade on Iran's ports. The Trump administration has previously ruled out any deal that would cement Iran's grip over the strait, which would amount to a major loss for the U.S. and a break with global norms.