Iran has announced an agreement with Oman on a route for shipping through the Strait of Hormuz. According to Foreign Ministry spokesman Esmaeil Baqaei, the agreement is "in the final stages," though he provided no additional details. Baqaei cautioned that this deal does not ensure safe passage, citing ongoing security concerns due to a U.S. blockade of Iranian ports. Neither the U.S. nor Oman has commented on the proposal.
The strategic strait, through which about 20% of the world's oil and liquefied natural gas typically transit, has been largely blocked by Iran since attacks from the U.S. and Israel in February. President Donald Trump recently warned of severe consequences if the strait remains closed, despite progress in talks suggesting shipments could resume soon. However, Iran maintains it is not negotiating with the U.S.
Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the new route would be temporary, potentially lasting two to four months. Oil prices have seen fluctuations amid this conflict, with Brent crude slightly down by 0.3% at $79.24 in Asian trade.
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