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Iran and Oman discuss interim framework to reopen Hormuz shipping route
The plan includes a temporary joint maritime corridor and mine-clearance work, with talks on a new permanent route expected within 30 to 60 days.
Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed an interim framework intended to resume shipping through the Strait of Hormuz, Bloomberg reported.
The initiative would set up a temporary joint maritime corridor and a mine-clearance project aimed at restoring safer navigation through the strategic waterway, according to a cited statement.
Iranian Deputy Foreign Minister Kazem Gharibabadi said the two countries will hold further talks to negotiate a new permanent route within 30 to 60 days, without specifying when the next discussions would begin.
At the time of writing, West Texas Intermediate crude was down 4.7% on the day at $80.60, highlighting how developments around Hormuz can quickly feed into market pricing.
Latest closeWTI crude $82.40 ▲1.4%