- Iran and Oman finalized agreements on shares and revenues in the Strait of Hormuz
- Negotiations aimed to manage shipping in the key energy corridor amid ongoing disruptions
- Shipping through the strait remains below normal since the Iran war began in February
Iran and Oman have finalised agreements covering their respective shares in the Strait of Hormuz and the revenues generated from the strategic waterway, the Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, according to state-linked media
Tehran and Muscat have spent weeks negotiating arrangements to manage shipping through the Strait of Hormuz, one of the world's most important energy corridors. The waterway has been severely disrupted since the Iran war began, sharply reducing the movement of oil and other commodities.
Shipping through the Strait of Hormuz has remained severely disrupted since February, with vessel traffic still far below normal levels.
The uncertainty has kept energy markets on edge, as any prolonged restrictions on the key oil and gas route could tighten global supplies and sustain upward pressure on prices.
Any sustained reopening of Hormuz could ease disruptions to crude and LNG flows, while continued restrictions would keep geopolitical and shipping risks elevated.
However, the agreement between the two Gulf neighbours does not automatically mean the waterway will be fully reopened.
The IRGC has maintained that reopening the strait is a separate issue and will depend on the United States accepting Iran's conditions.
IRGC spokesman Hossein Mohebbi said Washington's intervention had previously delayed negotiations between Tehran and Muscat.
He indicated that the strait could be reopened if the US ends what Iran considers obstruction and returns to an earlier understanding between the two countries.
The latest announcement follows discussions between Iranian and Omani officials over a temporary navigation corridor through the strait and plans to clear mines from the waterway.
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