Iran and Oman are moving towards an agreement to secure safe navigation through the Strait of Hormuz and establish a framework for the future administration of the strategic waterway.
The two countries said their foreign ministers discussed a proposed framework for a joint temporary navigational corridor through the strait, as well as plans for a joint project to clear mines from the vital shipping route.
In a joint statement issued on Tuesday, Tehran and Muscat said technical negotiations would continue towards establishing a permanent navigational corridor and determining arrangements for the future administration of the strait.
The proposed agreement would also establish mechanisms for information-sharing, traffic management, and the provision of navigational and security services.
The development has eased pressure on oil markets, with Brent crude extending recent declines and falling below $90 a barrel overnight.
Brent was trading at $86.52 a barrel, down 2.06%, or 2.33%, as of 8:17 a.m. BST on Wednesday.
Shipping through the Strait of Hormuz remains significantly below normal levels. Preliminary data from Kpler showed that only five commodity vessels transited the waterway on Tuesday, compared with a 10-day average of 15 vessels.
Before the Iran conflict, roughly one-fifth of global crude oil supplies typically passed through the Strait of Hormuz, making any disruption to the route a major risk to global energy markets.
The latest diplomatic efforts come amid signs that Washington is seeking to intensify economic pressure on Tehran while avoiding further military escalation.
The United States has reportedly begun returning diplomats to Gulf states, a move that could suggest Washington does not currently anticipate an immediate escalation of hostilities.
Russia’s RIA Novosti also reported on Tuesday that the United States and Iran could announce a new ceasefire agreement in the coming days, citing Iranian and Pakistani sources. The report, which was not independently verified, said the agreement could include freedom of navigation through the Strait of Hormuz.
The White House did not immediately respond to requests for comment on the report.
The diplomatic developments follow a warning by US Treasury Secretary Scott Bessent on Monday that Washington would launch an “economic D-Day” against the Iranian regime.
Bessent said the United States would target individuals, entities and vessels helping Tehran evade economic restrictions, naming 60 targets in the latest sanctions effort.
However, Washington has so far refrained from imposing major secondary sanctions on countries and financial institutions that facilitate Iran’s oil trade, including Chinese firms suspected of supporting Tehran’s exports.
Bessent said the administration wanted to give affected businesses a period to adjust before intensifying enforcement.
“Why would I want to blow up the global financial system?” he said, adding that the United States considered it important to provide a “cure period” while making clear that the enforcement would move quickly.
China, which buys about 90% of Iran’s oil, has warned Washington against expanding economic pressure on countries trading with Tehran.
A Chinese foreign ministry spokesperson said Beijing would “take all necessary measures to firmly safeguard its rights and interests” if the United States widened its sanctions campaign.
The proposed Iran-Oman arrangement could therefore provide a diplomatic pathway for restoring regular commercial shipping through one of the world’s most important oil chokepoints, while negotiations continue over the waterway’s long-term security and administration.
Boluwatife Enome
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