Iran says the U.S. is standing in the way of Hormuz deal amid talks with Oma

The Islamic Republic of Iran's hard-line Revolutionary Guard has accused the United States of obstructing an agreement between Iran and Oman, aimed at securing safe passage through the Strait of Hormuz. Iran and Oman have reportedly reached an agreement on their respective shares of the crucial economic route, which includes revenues linked to its management.

According to the Revolutionary Guard, the strait would remain closed if the U.S. fails to accept Iran's demands. This comes after Iran and Oman announced on Tuesday that their foreign ministers had discussed a proposed framework for establishing a temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project for mine clearance.

In response to this statement, oil prices have continued their downward trend, with international benchmark Brent crude falling below the $90 per barrel mark overnight. As of Tuesday, only five commercial vessels had passed through the Strait of Hormuz, falling short of the 10-day average of 15 vessels. The joint Iran-Oman declaration also stated that technical negotiations would continue in an effort to agree on a permanent navigational corridor, future administration of the Strait, and a mechanism for information-sharing, traffic management, and provision of navigational and security services.

Factors contributing to the recent pressure on oil prices include the U.S. reportedly bringing its diplomats back to Gulf states, indicating that Washington does not currently anticipate military escalation. Moreover, a supposed new ceasefire agreement between the U.S. and Iran may be announced in the coming days, according to Russian news agency RIA Novosti, which cited Iranian and Pakistani sources.

However, this information cannot be independently verified, and the White House has not commented on the matter. In a separate development, U.S. Treasury Secretary Scott Bessent pledged an "economic D-day" against the Iranian regime, threatening to target Tehran's enablers and trading partners in an attempt to cripple its economy.

This initiative includes a list of 60 individuals, entities, and vessels. However, the U.S. has thus far refrained from imposing significant secondary sanctions on other nations, including Chinese financial firms believed to be facilitating Iran's oil trade. In response to these developments, China has threatened retaliation, stating that Beijing "will take all necessary measures to firmly safeguard its rights and interests."