Gulf States Support Omani Hormuz Plan

Oman has secured backing from Gulf states for a compromise proposal aimed at reopening the Strait of Hormuz. The plan would allow Iran to collect voluntary fees from passing vessels while restoring shipping through one of the world's most important oil transit routes.

The proposal, modeled on arrangements used in the Strait of Malacca, is intended to help end the five-month disruption to global oil markets caused by the conflict involving the United States, Israel and Iran.

According to the proposal, the United States had initially pushed for the full restoration of unrestricted passage through the strait. The Omani plan, however, would not grant Iran exclusive control over the waterway and instead calls for voluntary contributions to fund navigation and maritime security.

Over the weekend, US President Donald Trump suspended a two-week bombing campaign against Iranian targets, citing ongoing negotiations, but warned that military operations could resume if the talks failed. While Tehran continues to deny holding direct negotiations with Washington, it has confirmed regional discussions involving Oman and Saudi Arabia.

News of the suspension of US airstrikes eased concerns in energy markets, sending Brent crude prices down to around $86 a barrel.

(Reuters, Max)