Iran and Oman Near Historic Deal on Strait of Hormuz Control

Iran and Oman are close to finalizing an agreement on joint management of the Strait of Hormuz, according to Iran's foreign ministry spokesman, Esmaeil Baghaei. This landmark deal would allow Iran to control vessel traffic in the waterway, which has been a contentious issue for some time.

The negotiations between Iran and Oman have reportedly included stipulations that would give Iran control over both incoming and outgoing vessel traffic in the Strait of Hormuz. This would be a significant concession by the US, which has stated it will not allow Iran to have control over the waterway.

Crude oil prices have been trending lower as a result of the potential deal, with Brent crude trading at $79.12 per barrel and West Texas Intermediate (WTI) changing hands for $74.79 per barrel.