Iran, Oman reach agreement on sharing Strait of Hormuz, its revenue? Here's what we know

Iran and Oman are currently in discussions regarding a potential agreement to regulate traffic and divide maritime revenues in the strategically important Strait of Hormuz. This comes amid heightened tensions following joint US-Israeli strikes on Iran. Initially, Iran's Islamic Revolutionary Guard Corps claimed an agreement had been reached, but a senior Iranian official later clarified that negotiations are still ongoing.

Omani Foreign Minister Badr Albusaidi expressed optimism about announcing a temporary corridor for the Strait of Hormuz and practical arrangements to restore safe navigation following recent talks. It has been reported that both countries have been negotiating the share of each country's waters in the Strait and their respective shares of its revenues.

The Strait of Hormuz, which has historically handled around one-fifth of global oil and liquefied natural gas (LNG) shipments, has become a focal point for international concerns as both Iran and the US seek to assert control through separate blockades.