The crew of the Liberian-flagged, Greek-owned bulk carrier MV Minoan Pioneer abandoned ship early Tuesday roughly 23 nautical miles northeast of Khasab, after an apparent strike knocked out the vessel’s electrical power inside the southern shipping lane the U.S. designated for commercial traffic. One crew member is missing. The United Kingdom Maritime Trade Operations center confirmed an incident in the same area without naming the ship or assigning responsibility. No group has claimed it.

President Donald Trump had said hours earlier that the Strait of Hormuz could be “completely open” within a day. Iranian officials said they are not negotiating with the U.S., that the channel runs through Oman, and that the Strait will not return to its prewar operating structure.

Trump says the Strait could open within a day

Yesterday, asked whether talks with Iran had collapsed, Trump told reporters they were continuing “right now,” that they were taking place at Iran’s request, and that this was the last chance.

He described a two-phase sequence. “We’re talking about the Strait, the opening of the Strait, having it open literally by tomorrow. Completely open,” he said. “Phase two is we then will talk about the nuclear capacity.” Pressed on why he had canceled another planned strike, Trump said he wanted to give Iran every last chance before decapitation. On future transit fees, he said that if anybody is going to charge, the U.S. will charge, and that the U.S. has total control.

The Islamic regime says it will administer the traffic Foreign Ministry spokesman Esmaeil Baghaei said the discussions are with Oman, cover shipping arrangements inside the Strait, and do not constitute direct negotiations with the U.S. He said broader political dialogue is a separate matter and ruled out restoring the prewar operating structure.

Negotiating committee member Saeed Ajorlu said the Islamic regime seeks a temporary arrangement lasting one to three months under Iranian administration, with security, demining and maritime services remaining under Iranian control.

A senior Iranian official told Reuters the proposal would give the Islamic regime authority over all inbound commercial shipping, with Oman clearing outbound vessels only after notifying Iranian authorities. According to that official, the Islamic regime is unlikely to accept an alternative framework. The New York Times reported that the draft under discussion would route inbound vessels along the Iranian side of the Strait and keep outbound traffic closer to Oman, with service fees paid to the Islamic regime.

Mohsen Rezaei said the Islamic regime would not permit a second corridor through Hormuz and warned of serious casualties if the blockade is challenged militarily.

Qatar confirms a draft framework and no scheduled direct talks

Qatari Foreign Ministry spokesman Majid Al Ansari said mediation efforts have reached a very advanced stage and that a draft framework is circulating among the parties, covering de-escalation, the reopening of Hormuz and the diplomatic process. He said no direct U.S.-Iran negotiations are currently scheduled.

Foreign Minister Abbas Araghchi said Sunday that the Oman discussions are approaching their final stages, while maintaining they are negotiations with Oman rather than with the U.S.

The risk premium has not come off Brent crude settled at $83.82 on Monday, down 4.68% on the day, after Trump canceled the planned strike. It was trading back above $84.80 on Tuesday morning. The Monday decline followed a July in which Brent gained roughly 24%, its strongest monthly move since March.

War risk insurance for Hormuz transits continues trading between 7.5% and 10% of hull value, against roughly 1% to 3% before the war. Aramco estimates approximately 2.6 billion barrels of crude have been removed from global supply during the conflict. Average U.S. gasoline prices remain near $4.09 per gallon, about 34% above February levels.

Houthi attacks continue to threaten Bab al-Mandab, leaving Saudi Arabia facing disruption at both ends of its export network.

In 4 days, 3 commercial vessels have come under attack in the Strait of Hormuz. A ship was struck northeast of Khasab on Friday. Another explosion nearby on Saturday. Early Tuesday, the crew of the MV Minoan Pioneer abandoned ship after it was struck in the U.S. designated shipping lane. Trump says it is “deal or decapitation.” Qatar says an agreement is close. Iran says it will control Hormuz. As of now, the events at sea suggest the Strait remains a war zone.