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Iran and Oman reach revenue-sharing deal for Strait of Hormuz

The agreement follows talks over an interim framework for resuming ship transits and comes as the Iran-US standoff over control of the waterway continues.

Reported · Written up by our desk · Central Banks

Iran’s Islamic Revolutionary Guard Corps said it reached a revenue-sharing agreement with Oman on the Strait of Hormuz, Bloomberg reported. The IRGC said the terms cover each country’s share of the strait’s waters and their share of revenues.

Bloomberg also noted the development went further than a Tuesday joint statement from the two countries’ foreign ministries, which discussed an interim framework to resume ship transits but did not announce an agreement or mention fees.

Iran, the outlet added, warned that reopening the Strait of Hormuz would take more than a deal with Oman, as the broader standoff between Tehran and Washington over control of the shipping chokepoint continues.

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