Hormuz Strait Talks Spark Oil Price Plunge

Oil prices have taken a hit as Iran and Oman revive talks about jointly controlling the Strait of Hormuz, a critical waterway for global oil shipments.

The two countries have proposed a framework that would establish a temporary navigational corridor through the strait, allowing for safe passage while preserving their sovereignty.

Despite this positive development, Tehran has warned that the strait will remain closed unless Washington ends its conflict with Iran.

In recent days, 17 vessels have transited through the strait, including two tankers carrying liquefied petroleum gas (LPG) and two empty vessels moving into the Persian Gulf from the Gulf of Oman.

The US has maintained a blockade on Iranian ports, redirecting 71 commercial vessels, disabling three, and boarding two to prevent ships from entering or departing.