Iran, Oman near Hormuz shipping deal as Tehran demands US compensation

Tehran and Oman appear to be close to reaching an agreement for a new shipping route through the Strait of Hormuz, although Iran has stated that the deal alone will not restore unrestricted access to the strategic waterway unless the United States meets additional demands. These demands include compensating Iran for the losses incurred due to US actions against Iranian vessels, lifting the US blockade and sanctions, and releasing Iranian assets held abroad.

The United Arab Emirates reported that Iran attacked a UAE-owned vessel with a missile while it was passing through the Strait of Hormuz, but no injuries were reported and the vessel's fire was soon extinguished without any environmental impact. The Strait of Hormuz, located between Iran and Oman, has previously been a crucial pathway for about one-fifth of global oil and gas shipments, but shipping has been severely disrupted since Iran gained control over access to the strait.

Oman confirmed that negotiations with Iran on shipping arrangements were positive and constructive, while condemning repeated attacks on vessels transiting the waterway, without assigning blame. However, Iranian officials emphasized that the shipping agreement with Oman would not alone be sufficient to restore unrestricted passage through the strait, as Tehran would also require an end to US threats and military actions against Iran, the lifting of sanctions, and the release of Iranian assets.

US officials have indicated that an agreement between Iran and Oman could soon be reached, allowing normal oil traffic to resume through the strait once implemented. The prolonged disruption to shipping has heightened economic pressure on Iran, where food and other essential goods have seen sharp price increases since the conflict began.