- Iran and Oman are "very close" to reaching an agreement on a new shipping route through the Strait of Hormuz, according to Iran's Foreign Minister Abbas Araqchi.
- A general framework of understanding has been reached between Iran and Oman, awaiting final approval at a higher level, according to the spokesperson of Iran's parliamentary National Security and Foreign Policy Committee.
- A US official reported progress in talks between Iran and Oman that could soon help reopen the Strait of Hormuz and restore oil and energy exports impacted by the five-month-old war.
- A US official stated that once a deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports.
- Brent crude oil climbed more than $1 a barrel on Friday over uncertainty about the negotiations determining control of the Strait of Hormuz.
- Iran's Islamic Revolutionary Guard Corps spokesperson said reopening the Strait of Hormuz depends on the US fully accepting Tehran's conditions, and that this issue is separate from Iran-Oman negotiations.
- Washington will lift the naval blockade of Iranian ports if an acceptable Strait of Hormuz deal emerges, but the US would study whatever comes from the agreement before finalising its stance.
Iran and Oman are nearing an agreement on a new shipping route through the Strait of Hormuz, which is crucial for global oil exports. A U.S. official stated, "There is progress between Oman and Iran on the strait, and we expect a deal soon," indicating that the U.S. will lift its blockade of Iranian ports once the deal is finalized.13567
Iranian Foreign Minister Abbas Araqchi confirmed that discussions are ongoing, stating that the two nations are "very close" to reaching an agreement. This development comes as the U.S. anticipates a resolution that could restore normal oil traffic through the strategic waterway, which has been severely disrupted by the ongoing conflict in Iran.
The U.S. has been monitoring the situation closely, with a spokesperson noting that the blockade will be lifted if the agreement meets Washington's conditions. Brent crude oil prices rose over $1 a barrel amid uncertainty surrounding the negotiations, highlighting the market's sensitivity to developments in this key shipping artery.
A general framework of understanding has reportedly been reached, pending final approval at a higher level, which could pave the way for a significant shift in maritime traffic through the Strait of Hormuz.2
“A US official said Washington anticipates a deal between the two countries that could restore normal oil traffic through the strategic waterway. Meanwhile, Brent crude climbed more than $1 a barrel on Friday amid uncertainty over the negotiations.”
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