US President Donald Trump has issued a stark warning to Iran, stating that a deal to secure the vital Strait of Hormuz must materialise by Wednesday or Tehran faces severe repercussions.

The ultimatum comes amid high-stakes negotiations aimed at resolving the deepening standoff over the crucial waterway, through which a significant portion of the world's oil transits. Failure to reach an agreement could trigger military action, according to the US President.

"This is the last chance," President Trump said, according to ABC News.

Iran has sought to assert control over the Strait of Hormuz and implement transit fees, powers it did not exercise before a conflict began in the region on 28 February, Euronews reported.

Intensified Diplomatic Push

Diplomatic efforts are intensifying as the deadline approaches, with reports suggesting Oman is actively involved in drafting a comprehensive waterway agreement. The precise details of the proposed deal remain undisclosed.

President Trump told reporters that progress had been made in talks, but reiterated the threat of a