Iran and Oman Share Strait of Hormuz Revenues in Surprise Deal

Oil prices remained relatively stable on Wednesday after Iran announced a revenue-sharing deal with Oman over the Strait of Hormuz.

The agreement, revealed by a Revolutionary Guards spokesperson, would see Tehran and Muscat share revenues generated from the strait, which could potentially involve charging vessels for passage.

Under the terms of the deal, ships would enter the Arabian Gulf through Iranian waters before exiting through a joint corridor passing through the territorial waters of both Oman and Iran, according to Iranian Deputy Foreign Minister Kazem Gharibabadi.

The US position on the agreement remains unclear, with analysts suggesting that Gulf states targeted by Iran during the war would be unlikely to accept paying Tehran to transport oil through the waterway.