Iran, Oman Near Landmark Deal on Strait of Hormuz Management
The Strait of Hormuz, a critical oil shipping route in the Gulf, may soon have its security and navigation framework reshaped by an agreement between Iran and Oman. According to Esmaeil Baghaei, Iran's Foreign Ministry spokesman, negotiations with Oman are in their final stages.
Baghaei said talks were 'forward-moving' and nearing completion, but warned that external actors could still derail the process, a likely reference to the United States. The proposed arrangement would have Iran assuming responsibility for managing vessel traffic through the waterway, including both incoming and outgoing maritime traffic.
The negotiations come amid heightened geopolitical tensions in the Gulf, where the Strait of Hormuz serves as the main transit corridor for a significant share of the world's crude oil and liquefied natural gas exports. The United States has repeatedly stated that it would not accept any arrangement granting Iran control over the strategic waterway.
The agreement, if reached, would represent a significant shift in the security architecture of the Gulf and could mark one of the most notable diplomatic understandings involving Iran and a Gulf neighbour in recent years. Oil markets remained relatively subdued despite the potentially far-reaching geopolitical implications, with Brent crude trading below $80 per barrel.