How a 95 percent drop in Hormuz traffic changed global shipping

Iran and Oman are currently engaged in negotiations to establish a temporary shipping corridor and clear mines in the blockaded Strait of Hormuz. These talks are taking place as the Middle East conflict approaches its six-month mark. The primary objective of these discussions is to define the terms of a controlled resumption of shipping, which has been impeded since the US-Israeli strikes that initiated the conflict in late February.

Both Iran and Oman are bordered by the Strait of Hormuz, a critical route for global oil and gas trade. The nations aim to establish a framework agreement that would facilitate safe navigation and, if agreed upon, a permanent solution for the strait's management. This arrangement would involve ships entering the Gulf through Iranian waters, while those departing would use Omani waters, and then pass through Iranian waters again.

The Iranian Deputy Foreign Minister, Kazem Gharibabadi, revealed during an interview that if the agreement with Oman is finalized, the two nations would have 30 to 60 days to negotiate a permanent route. He also mentioned that Iran's Revolutionary Guards were participating in the talks, and that the maps under discussion were developed by the armed forces. However, the United States has rejected this proposal, stating that any reopening of the Strait of Hormuz must be contingent upon US concessions.

The ongoing negotiations are impeded by several factors, including Tehran's insistence on US concessions, particularly regarding the US's blockade of Iranian ports. Iran's Deputy Foreign Minister, Gharibabadi, warned Washington that the Strait of Hormuz will only be reopened if the US ends the war, lifts the blockade, and resolves the situation in Yemen.

The negotiations, according to experts, are a complex process that involves issues of sovereignty, jurisdiction, vessel control, potential fees, and compliance with international law.