Iran and Oman are continuing negotiations over a possible agreement to regulate maritime traffic and share revenues from the strategically important Strait of Hormuz.
An Iranian Revolutionary Guard official claimed that the two countries had reached an understanding on control of the waterway and the distribution of its revenues. However, a senior Iranian official later said that the agreement had not been finalized and that discussions over its details were still underway.
Omani Foreign Minister Badr Albusaidi said he was hopeful that the countries would soon announce a temporary corridor and practical arrangements to restore safe navigation through the strait. He also indicated that discussions had covered the respective maritime areas and revenue shares of Iran and Oman.
The Strait of Hormuz is a crucial global energy route, with roughly one-fifth of the world’s oil and LNG shipments passing through it before the latest regional conflict. Disruptions to navigation have raised concerns over energy supplies and contributed to higher global prices.
Iranian officials have also indicated that commercial vessels entering the Persian Gulf from the Gulf of Oman would pass through waters under Iranian control, further highlighting Tehran’s role in regulating traffic through the strategic waterway.
