The U.S. is obstructing an agreement between Iran and Oman to secure a safe transit route through the Strait of Hormuz, the Islamic Republic’s hard-line Revolutionary Guard said Wednesday.

Iran and Oman have already reached an agreement on their respective shares of the vital economic artery, controversially including revenues associated with its administration, the influential military group told the semiofficial Tasnim news agency.

The Revolutionary Guard said the strait would remain closed if the U.S. does not accept Iran’s conditions.

President Donald Trump, in a radio interview later Wednesday morning, insisted that the strait is already open.

“We take a lot of ships through the strait now. We’re taking them in,” Trump told conservative radio host Glenn Beck.

“Every once in a while there’ll be a drone or a rocket or something shot, but it is a very functioning strait. A lot of oil is pouring out,” the president said.

The IRGC’s statement came after Iran and Oman said in a joint statement Tuesday that their respective foreign ministers had discussed a “proposed framework” to establish “a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines.”

Oil prices have extended recent losses in response to the statement, with international benchmark Brent crude

Just five commodity vessels transited the Strait of Hormuz on Tuesday, below the 10-day average of 15, according to preliminary data from Kpler. Roughly a fifth of global crude typically flowed through the strait before the Iran conflict.

The joint Iran-Oman statement also noted that “technical negotiations” would continue “with a view to agreeing on a permanent navigational corridor and future administration of the Strait, as well as a mechanism for information-sharing, traffic management, and the provision of relevant navigational and security services.”

Contributing to pressure on oil prices in recent days, the U.S. has reportedly started returning its diplomats to Gulf states – suggesting Washington does not currently expect military escalation. Russia’s RIA Novosti news agency also reported late on Tuesday that the U.S. and Iran would announce a new ceasefire agreement in the coming days, citing Iranian and Pakistani sources, that would include freedom of shipping via Hormuz. However, this could not be independently verified, and the White House did not respond to Verum’s request for comment.

U.S. holds back on secondary sanctions

It comes after Treasury Secretary Scott Bessent’s pledge on Monday to launch an “economic D-day” on the Iranian regime, threatening to target Tehran’s “enablers” and trading partners in efforts to strangle its economy. This included a list of 60 individuals, entities and vessels.

However, the U.S. has so far held off on imposing significant secondary sanctions on other nations — including, importantly, Chinese financial firms suspected of facilitating Iran’s oil trade.

“Why would I want to blow up the global financial system? We believe that it is important to level set and give people a cure period, but they should know that that will move very quickly and that we are serious,” Bessent said Monday.

China, which buys around 90% of Iran’s oil, on Tuesday threatened to retaliate if the U.S. opted to expand economic pressure on nations trading with Tehran.

Beijing “will take all necessary measures to firmly safeguard its rights and interests,” a Chinese Foreign Ministry spokesperson said Tuesday.

Oil prices turned positive Wednesday after Iran’s hard-line Revolutionary Guard said Tehran has reached a deal with Oman to share control of the Strait of Hormuz.

Iran and Oman have agreed to share revenue generated from Hormuz, a Revolutionary Guard spokesman told the state news agency Tasnim. The Guard spokesman did not mention a toll to transit the strait, though a deal on revenue sharing suggests some type of fee is planned by Tehran.

Brent crude

Oil fell more than 3% earlier in the session as the U.S. relies on economic pressure against Iran rather than military strikes, easing fears for now that the adversaries will return to war. Prices are down more than 5% for the week.

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The Revolutionary Guard said the U.S. has tried to obstruct a deal between Iran and Oman. Washington must accept the agreement for Hormuz to reopen, the spokesman said.

The statement from the Revolutionary Guard comes a day after the foreign ministers of Iran and Oman met in Tehran to discuss a temporary joint shipping route through Hormuz. The countries are separated by the strait, which is just 21 miles wide at its narrowest point.

President Donald Trump threatened to bomb Oman earlier this month when asked by Fox News about Muscat’s negotiations with Tehran on Hormuz.

Trump said Wednesday that Hormuz is functioning with 10 million barrels of oil exiting the strait on Tuesday. “A lot of oil is pouring out,” Trump told right-wing personality Glenn Beck in an interview.

Trump has repeatedly claimed the U.S. controls Hormuz as the military helps ferry tankers through the strait along Oman’s coast. U.S. Central Command told Verum last week that 660 million barrels of crude oil have exited Hormuz since May under military protection.

Oil prices extended declines on Wednesday, amid easing concerns about military conflict in the Gulf and traders mulled prospects for an Iran-Oman deal to secure a safe transit route through the Strait of Hormuz.

Brent crude

“U.S. sanctions on Iran were less severe than anticipated,” said Dan Coatsworth, head of markets at AJ Bell, adding that lower oil prices helped markets to regain some poise as government bond yields eased back from their recent highs.

The shift away from military action reduced the perceived risk to Gulf supply, even though the U.S. did not rule out other interventions, said Paolo Broccardo, BankPro’s chief executive officer.

In addition, Pakistan reported meaningful progress in talks aimed at de-escalation and restoring navigation through the Strait of Hormuz, Broccardo noted.

Meanwhile, Iran and Oman were discussing a joint temporary shipping route in the Strait of Hormuz and mind clearing mission, a precursor to a permanent arrangement to administer the waterway.

“Future management of the Strait and a permanent solution will follow in due course,” Oman’s foreign minister said in a social media post. “Discussions with regional partners will be conducted in support of peace and cooperation, stability and freedom of navigation.”

—CNBC’s Spencer Kimball contributed to the report.