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Iran and Oman agree on Hormuz revenue share, reopening linked to US
The Strait of Hormuz handled one-fifth of global oil and liquefied natural gas shipments before a February war, and US acceptance is described as a condition for reopening.
Iran and Oman have reached an agreement on how to split the Strait of Hormuz’s revenues, but Iranian Revolutionary Guards said the waterway will not reopen unless the United States accepts Iran’s conditions. Islamic Revolutionary Guard Corps spokesman Hossein Mohebbi said the negotiations covered each side’s share in the strait’s waters and revenue portions.
The groups had been holding on-and-off talks for about a month, with the IRGC also accusing the US of obstructing negotiations and delaying the deal. Reuters reports the IRGC said that if the US returns to the prior agreement, the strait could be reopened within the new framework.
The Strait of Hormuz is described as a critical shipping chokepoint that handled one-fifth of global oil and liquefied natural gas shipments before the February war. Reuters adds that most shipping has since been shut down, contributing to higher global energy prices.
Iranian officials framed the reopening as conditional: Mohebbi said the Strait of Hormuz will not be opened under any circumstances if the US does not accept the conditions outlined by Iran. Reuters also notes separate blockades have been imposed by Tehran and Washington in an effort to assert control over the channel.
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