Iran and Oman Negotiate Temporary Hormuz Strait Access Deal

Iran and Oman are working on a temporary mechanism to reopen the Strait of Hormuz, a critical chokepoint for global oil transit. Under the proposed deal, ships would enter near Iran and exit near Oman without paying tolls, potentially easing some of the disruption in the region.

However, Tehran has clarified that this is not a complete reopening. Vessels from countries it considers hostile, specifically the US and Israel, could still be barred. Iran continues to demand an end to the blockade and sanctions as a condition for normalizing access.

The situation remains fluid, with no formal agreement yet finalized. Markets are watching closely for any signs that oil shipments could resume more freely through the waterway, which handles roughly a fifth of global crude flows.