Strait of Hormuz Deal Takes Shape Amid Ongoing Vessel Attacks
The Strait of Hormuz has been a key chokepoint in global oil supply chains for years. Recent attacks on vessels have disrupted shipping and driven up energy prices, but there may be a breakthrough soon.
Iranian Foreign Minister Abbas Araghchi said the Islamic Republic is close to an agreement with Oman over a naval route through the strait, which would allow oil to resume flowing freely.
However, reopening the strait still depends on other conditions, including US compensation to Tehran. The previous traffic arrangement stipulated in the Memorandum of Understanding between Washington and Tehran last June is no longer acceptable to Iran.
A temporary alternative route is being finalized with Oman, which is situated south of the strait. Iranian President Masoud Pezeshkian said now is the best time for an agreement to end hostilities.