Iran has announced an agreement with Oman regarding a proposed shipping route through the Strait of Hormuz, a development that could lead to the reopening of the crucial waterway for global energy supplies. The news comes as oil prices, including West Texas Intermediate, held declines near $75 a barrel, after an 11% drop in the first three sessions of the week. Brent crude closed above $79 on Wednesday.
Iranian Foreign Ministry spokesman Esmail Baghaei indicated that a joint statement from Tehran and Muscat is in its final drafting stage, with negotiations described as "forward-moving." A deal is expected to be finalized unless "certain third parties do not obstruct this process."
The emerging agreement reportedly involves ships entering the Persian Gulf through an Iranian-controlled route and exiting via an Omani-controlled route. Service fees would be charged for security and environmental preservation. While discussions are positive at both technical and political levels, details regarding vessel transit, traffic control, security guarantees, and potential fees remain critical unresolved issues. The United Nations has been informed of Iran's intent to develop this framework in coordination with Oman and the International Maritime Organisation (IMO).
Despite the progress, Iranian officials, including Esmaeil Baghaei, cautioned that an agreement on maritime traffic should not be automatically interpreted as an unconditional full reopening of the Strait of Hormuz. The current focus is on establishing a mechanism for safe and orderly commercial vessel movement, with a complete reopening potentially linked to the lifting of U.S. sanctions on Iran's ports. Regional officials speaking anonymously noted that the final agreement could still evolve.
