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Draft Iran-Oman deal could reopen Strait of Hormuz for oil exports
If approved, the temporary arrangement would shift ships entering the Persian Gulf through Iran-controlled waters and departures via Oman, amid continued disputes over transit fees.
Oil markets are waiting on a decision from Iran’s supreme leader after Iranian and Omani negotiators reportedly completed a draft agreement aimed at reopening the Strait of Hormuz, the main export route for Persian Gulf oil and LNG, according to reporting cited by OilPrice.
Two regional officials briefed on the talks said the draft was finalized, hours after President Donald Trump said an announcement could come Wednesday or Thursday. The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled by Iran, while vessels leaving the Gulf would use a route administered by Oman.
The agreement would revive parts of a U.S.-Iran memorandum reached in June that collapsed after attacks on shipping resumed. Reuters reported that Tehran is seeking payments equivalent to between 5.0% and 7.0% of cargo value, while Oman has proposed a 3.0% charge, and the Trump administration has rejected any setup requiring ships to pay Iran for passage through what was an open international waterway before the war.
Diplomatic progress is unfolding while traffic through Hormuz remains far below normal levels. Kpler data cited in the report showed eight ships crossing the strait on Tuesday, versus roughly 130 to 140 daily transits before the U.S.-Israeli war with Iran began on February 28, as oil prices first fell on agreement hopes before Brent crude recovered to around $80.0 per barrel.
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