Riyad
Progress between Iran and Oman could soon lead to an agreement allowing commercial shipping to resume through the Strait of Hormuz, potentially restoring a crucial global oil route disrupted during the five-month-old US war with Iran.
A US official, speaking anonymously, said Washington expected Iran and Oman to reach a deal soon over the strategic waterway, which separates the two countries. The official said restoring unrestricted commercial shipping would be an important step towards a broader peace agreement.
Under the proposed arrangement, the United States would lift its blockade of Iranian ports once a deal was announced and commercial shipping through the strait resumed without impediments. Washington would continue to link its actions to Iran’s implementation of commitments under any agreement, the official said.
Before the United States and Israel launched their war against Iran on February 28, roughly one in every five barrels of oil consumed globally passed through the Strait of Hormuz. The conflict has severely disrupted that traffic, with Iran imposing tolls on oil tankers and firing on vessels attempting to cross without permission.
The disruption has pushed energy prices higher and added to inflationary pressures worldwide. Although the Trump administration has repeatedly indicated that a deal could be imminent, Iran has denied that negotiations are taking place, raising uncertainty over whether the latest diplomatic efforts can produce a lasting settlement.
Shipping risks have also increased beyond Hormuz, with Yemen-based Houthi forces targeting vessels near the Red Sea and Gulf of Aden. Abu Dhabi National Oil Company said 15 of its vessels had been attacked in the strait since the conflict began, killing one crew member and injuring 20.
Quotes:
There is progress between Oman and Iran on the strait, and we expect a deal soon
US official
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Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports.