Navigation, jurisdiction, costs: Iran, Oman attempt to hammer out Hormuz deal

DUBAI — Senior Iranian sources have confirmed that Iran and Oman are still in the process of finalizing an agreement regarding the Strait of Hormuz, despite initial claims by Iran's Revolutionary Guards that the two nations had reached an understanding on sharing the waterway and its revenues. The Revolutionary Guards spokesperson reiterated Tehran's stance, emphasizing that the strait would not reopen unless the U.S. complied with Iran's stipulations outlined in an interim ceasefire agreement signed in June, which has since been suspended.

These conditions include lifting the U.S. blockade on Iranian ports, compensating Iran for the sanctions imposed, and the removal of these sanctions. The two countries have engaged in sporadic talks for weeks over the management of the strait, which previously accommodated a fifth of global oil and liquefied natural gas shipments prior to the February conflict.

Since then, most shipping has been halted, contributing to the surge in global energy prices due to Iran's and the U.S.'s attempts to exert control over the channel by establishing separate blockades. However, as of now, no final agreement has been reached on the Strait of Hormuz between Iran and Oman.