Iran says it has agreed Strait of Hormuz shipping route with Oman

Iran has reportedly reached an agreement with Oman regarding shipping routes through the Strait of Hormuz, according to the country's Foreign Ministry spokesman Esmaeil Baqaei. The details of the deal remain undisclosed, but Baqaei emphasized that the US blockade of Iran's ports continues to impact security in the region. The US and Oman have not commented on the proposal.

Following the February attacks by the US and Israel on Iran, Tehran has restricted access to the Strait of Hormuz, which typically accounts for roughly a fifth of the world's oil and liquefied natural gas (LNG) trade. US President Donald Trump has expressed concern over the strait's reopening and threatened Iran with significant repercussions if it does not open soon.

Iran has maintained that it is not engaging with the US and has no plans to do so. The Iranian foreign ministry spokesman confirmed that the geographical coordinates of the route have been agreed upon with Oman. The new route is expected to be temporary, potentially open for two to four months. Oil prices experienced a slight decline, with Brent crude dropping by 0.3% to $79.24 (£58.84) in early Asian trading.

Since the start of the conflict, oil traffic through the strait has reduced significantly. The primary areas of contention between Tehran and Washington involve Iran's demand for vessel fees, ranging from 5% to 7% of the cargo price, while the US and Oman seek no fees. The proposed deal would grant Tehran control over ships entering the Gulf via the Strait of Hormuz.