Iran and Oman Near Landmark Deal to Manage Strait of Hormuz

Iran and Oman are reportedly nearing a landmark agreement to jointly manage the strategically important Strait of Hormuz, according to media reports. The development comes as oil prices have been on a downward trend, with Brent crude falling below $80 per barrel, and West Texas Intermediate trading at $74.79 per barrel, a 0.57% decrease.

According to Iran's foreign ministry spokesman, Esmaeil Baghaei, the deal with Oman is "in the final stages" and could be finalized "if certain third parties, notably the United States, do not obstruct the process", potentially indicating a significant U.S. concession. The negotiations reportedly included the idea of Iran controlling vessel traffic into the Strait, which would represent a major U.S. concession to Iran.

President Trump has threatened further military action against Iran unless a deal is reached, while also claiming that peace talks are ongoing. However, Iran denies these claims and has warned that if the U.S. targets its infrastructure, it would retaliate against Gulf energy facilities and other regional targets.