Donald Trump has declared the Strait of Hormuz could reopen “very soon” after what he described as an “all-day negotiation” with Iran, as Tehran and Oman finalise a draft agreement to establish new shipping lanes through the strategic waterway. “If they (Iran) back out again, they are going to get hit really hard,” Mr Trump warned. Iran and Oman have agreed on the main elements of a draft agreement to reopen the Strait of Hormuz, according to people familiar with the negotiations. The proposal would establish an inbound shipping lane near Iran and an outbound lane near Oman, while giving Tehran oversight of ships entering the Persian Gulf. Iran blocked the Strait of Hormuz, a main route for energy supplies from the Middle East, after the start of the war.