Hormuz Reopening Plan Takes Shape as Iran and Oman Agree on Operational Details

Diplomatic efforts around the Strait of Hormuz are shifting from broad principle to operational detail as Iran and Oman have largely agreed on the outlines of a plan to reopen the waterway.

The proposed deal would see inbound vessels use the channel closest to Iran, with Tehran coordinating traffic, while outbound vessels would use the Omani side, managed by Muscat. A service fee split between the two countries would be implemented, giving both sides a financial stake in the arrangement's success.

In a separate development, Iran is reportedly weighing a proposal to charge European countries for the upkeep of the strait through a voluntary fund, financed by Gulf states and some European members of the International Maritime Organisation. The fees would help cover navigation management, environmental protection, and search and rescue services in the waterway.

Goldman Sachs remains bullish on Brent crude, expecting it to trade within an $80 to $90 a barrel range until either a finalised US-Iran agreement is confirmed or attacks escalate significantly. The southern route through the strait has remained open to all commercial vessels throughout the recent period of heightened headline risk.