Iran and Oman Reach Agreement on Hormuz Strait

Iran and Oman have reached an agreement on managing the Strait of Hormuz and sharing revenues from the key maritime route. However, the Islamic Revolutionary Guard Corps said the strait will remain closed until the United States accepts its conditions and stops blocking the deal.

A senior Iranian source, however, told Reuters that the two sides are still finalizing details of the agreement.

Shipping in the region has largely been halted since war broke out between the US, Israel and Iran in February. Although direct fighting has subsided, navigation remains dangerous and diplomacy has stalled.

Tehran recently blacklisted 45 ships in an effort to prevent evasion of the blockade. The US, meanwhile, has threatened sanctions against countries that trade with Iran.

Despite the tensions, oil prices fell slightly to a two-week low amid signs of new mediation efforts to end the conflict. Iran has called the US sanctions unjust and believes the international community will not join Washington in applying pressure.

(Reuters, max)