Iran: To Reach Navigation Agreement on Strait of Hormuz With Oman Within Days
57 minutes ago
According to Bloomberg, Iranian Foreign Ministry spokesman Esmaeil Baghaei said Monday that Iran and Oman have entered the final stages of an agreement on shipping management in the Strait of Hormuz, with a finalization expected in the coming days. The two sides plan to establish a temporary security corridor and submit the relevant arrangements to the International Maritime Organization (IMO) for registration. Baghaei noted that negotiations are progressing "very smoothly" and expressed hope they will not be interfered with by third parties. If the deal is finalized, it could encourage more oil tankers and merchant ships to use this globally critical energy transport route, while reducing the risk of Iran targeting shipping. Currently, around 7 million barrels of crude oil and refined products pass through the Strait of Hormuz daily, far lower than the roughly 20 million barrels per day before the conflict erupted. However, Iran and Oman’s plan to strengthen shipping management in the strait may also signal that Iran’s de facto control over this key route is further consolidated. The U.S., meanwhile, wants the Strait of Hormuz to return to the pre-conflict state of free passage, with clear differences remaining between the two sides’ positions. The ongoing U.S.-Iran conflict has now entered its seventh month, and the blockade of the Strait of Hormuz has continued to push up prices for crude oil, fuel, and natural gas, exacerbating global inflation. At the same time, U.S. diesel prices have hit record highs, and rising energy costs have put greater political pressure on the Trump administration.
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