Reports on Aug. 26 described possible progress toward a US-Iran ceasefire agreement, with free navigation through the Strait of Hormuz among the reported terms and an announcement expected within days. Iran said it had reached an understanding on a temporary route limited to merchant ships, while separate statements indicated the strait would not immediately reopen and that Oman had agreed to close its southern lane while a permanent route is finalized within 60 days. Other accounts said the United States and Iran had no scheduled negotiations and that the strait remained open. Traffic fell to one bulk commodity vessel on Monday, the lowest level since May 7. Axios reported that more than 500 vessels had used the southern route over the previous 30 days, with about 2% attacked by Iranian drones or missiles. WTI crude briefly fell below $80 a barrel and Brent crude below $86.