Hormuz Deal Uncertain as Oman, Iran Talk of New Shipping Route
Oman and Iran have been engaged in positive talks about securing a shipping route through the Strait of Hormuz, but no timeline has been set for a deal. Tehran warned that any agreement would not immediately reopen the vital waterway.
The US and Israel began attacking Iranian targets in February, effectively blocking the strait through which around a fifth of the world's oil and natural gas flows.
Talks have focused on a new route through the strait that both Iran and Oman would be responsible for. However, Iranian Foreign Minister Abbas Araghchi said reopening the strait is 'subject to other conditions', including receiving compensation from the US for alleged violations of the June Memorandum of Understanding.
The Strait of Hormuz has been at the center of a long-standing dispute between Iran and the US. In July, Yemen's Houthi rebels imposed another blockade on Saudi Arabia's ports in the Red Sea.