U.S. President Donald Trump said on August 26 that there was "no timeline" for when Iran would return to negotiations, emphasizing that the U.S. was bringing Iran's economy to the brink of collapse through sanctions. Meanwhile, Iran and Oman announced an initial framework agreement to establish a safe passage in the Strait of Hormuz, but Iranian officials stressed that the full reopening of the strait was conditional on the U.S. correcting its mistakes and fulfilling all previous commitments. Jacob Meldgaard, CEO of Danish tanker operator Torm, warned that the market was severely underestimating the risk of the conflict evolving into a protracted stalemate akin to Ukraine, with the situation potentially lasting months or even years. U.S. Treasury Secretary Scott Bessent announced a new round of "economic isolation" sanctions against Iran on August 24.