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

Iran has reportedly reached an agreement with Oman regarding the shipping route through the Strait of Hormuz, according to the country's foreign ministry spokesman. The details of the agreement have not been disclosed, but the spokesman stated that it is in the final stages. He cautioned, however, that the deal would not guarantee safe navigation through the strait, citing the ongoing US blockade of Iran's ports as a major obstacle.

The US and Oman have not commented on the proposed deal. The Strait of Hormuz, through which approximately a fifth of the world's oil and liquefied natural gas typically pass, has been largely blocked since the US and Israel attacked Iran in February. US President Donald Trump had warned that Iran would be "hit very hard" if the strait did not reopen soon.

Meanwhile, Iran has maintained that it is not negotiating with the US and has no plans to do so. The proposed route and its duration have not been specified, but Iran's Deputy Foreign Minister Kazem Gharibabadi suggested it could be temporary, lasting from two to four months. Oil prices dipped slightly on Thursday, with Brent crude falling 0.3% to $79.24.

Disruptions to shipments through the strait have impacted oil and LNG prices since the beginning of the war. The proposed deal would also grant Iran control over ships entering the Gulf through the strait. The US and Iran have a history of disagreements over the fees Iran seeks to impose on vessels using the strait, ranging from 5-7% of the cargo price to 3% as discussed by Oman. The proposed deal also includes Tehran's control over ships entering the Gulf through the strait.