Ceasefire negotiations between the U.S. and Iran make significant progress.

On Tuesday local time, an Iranian official stated that Iran and Oman have reached an agreement to temporarily resume navigation in the Strait of Hormuz. The two countries have committed to continuing negotiations in the coming months to finalize a more "permanent" solution. Meanwhile, sources have disclosed to the media that the U.S. and Iran have reached a consensus on the terms of a ceasefire agreement, which includes freedom of navigation in the Strait of Hormuz. On Tuesday, Trump also announced that every inch of water in the Strait of Hormuz has been thoroughly cleared of mines, with the U.S. Space Force monitoring the waterway to prevent new explosives from being deployed. Trump added, "The zero-tolerance policy against the laying of sea mines is now fully in effect." Affected by market expectations that the Strait of Hormuz may reopen, international crude oil prices fell sharply on Tuesday: Brent for October delivery dropped by 3.9%, closing at $88.58 per barrel; WTI for October delivery fell by 3.1%, closing at $82.36 per barrel. On Wednesday morning, international oil prices continued to decline from the previous trading day: as of this report, WTI crude futures fell by 1.8%, trading at $80.88 per barrel. Iran and Oman reach temporary navigation agreement On Tuesday, Iran and Oman issued a joint statement outlining the management rules for the entry and exit of vessels through this critical waterway. The two countries had previously proposed operating the waterway on a toll-based mechanism. The statement said: "The proposed framework includes establishing a joint temporary navigation corridor in the Strait of Hormuz and agreeing to conduct joint projects to clear mines from the waters of the strait." "Both sides will continue technical negotiations aimed at finalizing a permanent navigation corridor and the subsequent management model of the strait, while establishing operational mechanisms for information sharing, shipping control, and supporting navigation and security services." According to the statement, vessels entering the Persian Gulf from the Gulf of Oman will pass through Iranian-controlled waters; vessels leaving the Persian Gulf will traverse sections of both Iranian and Omani waters. Military ships are prohibited from passing through the strait, and only commercial vessels are allowed. Iran's Deputy Foreign Minister Kazem Gharibabadi stated on national television that the two countries will continue discussions over the next few months "to reach a consensus on a brand new, permanent, and sustainable shipping route." Iran: U.S. must accept its conditions Oman's Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi expressed optimism regarding the imminent reopening of the strait and stated the talks with Iran have been constructive. However, Iranian officials warned that the agreement reached between Iran and Oman will not immediately restore normal shipping in the Strait of Hormuz. Iran insists that the waterway can only be considered truly open if the U.S. accepts its peace conditions. The conditions proposed by Iran include lifting the maritime blockade on Iranian ports and removing sanctions that restrict Iran from selling oil at market prices. Pakistan mediates ceasefire agreement Just as Iran and Oman released their joint statement, Pakistans Army Chief Asim Munir and Interior Minister Muhsin Naqvi traveled to Tehran to meet with Iranian officials to carry out Pakistan's mediation efforts. Pakistani officials indicated that the talks marked significant progress in ending the conflict that has persisted for nearly seven months. Naqvi posted on social media platform X, "The talks have made significant progress, and the overall atmosphere of the meeting was very positive. We hope this good momentum will promote further developments and bring lasting peace to the region." Russian media outlet Sputnik reported, citing sources from the Pakistani military and Iranian security agencies, that the U.S. and Iran have reached a consensus on the terms of a ceasefire agreement, which explicitly includes provisions for freedom of navigation in the Strait of Hormuz. Sources also indicated that both sides are expected to announce relevant news in the coming days, with negotiations and a round of technical meetings planned as the next steps. This article is reproduced from Caixin, author: Liu Rui; GMTEight editor: Xu Wenqiang.