Iran and Oman Near Agreement on Shipping Route Through Strait of Hormuz
Iran and Oman are close to finalizing a framework for commercial shipping through the strategic Strait of Hormuz, a key global oil chokepoint.
Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, said that Iran and Oman have agreed on the coordinates of a commercial shipping route through the Strait of Hormuz and are nearing a final framework, as reported by The Guardian.
The Strait of Hormuz is one of the world's most critical maritime passages, handling roughly a fifth of global oil shipments. The proposed framework aims to ensure the safety and continuity of commercial traffic through the narrow waterway.
Source: FXStreet Forex News