Commodities
Iran-Oman Deal Nears for Strait of Hormuz Control
A deal to control the Strait of Hormuz is close between Iran and Oman, but it will not be enough to reopen the waterway on its own, according to Iranian Foreign Minister Abbas Araqchi.
The previous shipping traffic separation scheme through the strait was no longer acceptable to Tehran, he said. Instead, a temporary route with Oman is being discussed while technical and legal issues surrounding a permanent route are resolved.
Iran has been responding to US attacks by targeting US bases in Gulf states and Jordan, as well as shipping in the narrow strait, which carried a fifth of the world's oil and gas shipments before the war.