'Iran, Oman reach deal on Hormuz, revenues'

Iran and Oman have reached an agreement on sharing control of the strategically vital Strait of Hormuz and the revenues it generates, though Iran's Revolutionary Guards warned the waterway would remain closed unless the United States agrees to their terms. The two nations have been negotiating for a month about how to manage the crucial global energy passageway, which handled about one-fifth of the world's oil and liquefied natural gas shipments before the February conflict.

Since then, shipping through the channel has been halted, causing global energy prices to spike as Iran and Washington jockey for influence over the strait using separate blockades. According to Iran's Islamic Revolutionary Guard Corps spokesman Hossein Mohebbi, the negotiations resulted in an agreement on the division of both the strait and its revenues between the two countries.

Iran accused the U.S. of trying to sabotage the talks, claiming its opposition has delayed the implementation of the deal. If the U.S. stops obstructing and returns to the agreement, the Iranian Revolutionary Guards said the strait could reopen as per the agreement. However, if the U.S. does not accept their conditions, the strait will not reopen under any circumstances, Mohebbi added.

While the immediate fighting between Iran and the U.S. has cooled, diplomatic efforts to end the conflict have hit a snag, and attacks on commercial vessels continue to pose risks to passage through the Strait of Hormuz. Iran has blacklisted 45 ships, targeting those involved in ship-to-ship transfers that Gulf energy producers have been using to bypass the U.S. blockade.

Meanwhile, the U.S. has increased economic pressure on Iran, threatening penalties for any country that continues to engage in business with Tehran, though it stated these measures would not be enforced immediately. Oil prices have eased for a third straight day on Wednesday, slipping more than $2 a barrel to a two-week low as renewed diplomatic efforts to resolve the crisis reduce concerns about prolonged disruptions to global energy supplies.