IEA warns of oil crisis if Hormuz Strait remains closed

Tehran — Oman's foreign minister will visit Iran on Tuesday, according to Iran's foreign ministry, as both nations seek to establish a method for regulating ship passage through the Strait of Hormuz, according to a statement released on Monday by Iran's foreign ministry spokesman Esmaeil Baqaei. The visit aims to bolster peace and security in the region, with the diplomat holding ongoing political consultations between the two countries.

Oman's Badr al-Busaidi will meet with Iran's Foreign Minister Abbas Araghchi to discuss bilateral and regional matters. Iran has maintained control over the strategic waterway since the onset of the Middle East conflict on February 28, requiring vessels to seek permission and pay transit fees before utilizing the route. The United States advocates for Hormuz to revert to its pre-war system of unrestricted navigation, whereas President Donald Trump asserts that Washington holds total control over the strait, through which approximately one fifth of global oil and gas shipments pass.