Negotiations aim to restore safe navigation through the Strait of Hormuz, a key oil transit route, within 30 to 60 days.
Iran and Oman are discussing an interim framework to reopen shipping through the Strait of Hormuz, a critical chokepoint for global oil supplies. The proposal includes a temporary joint maritime corridor and mine clearance efforts to ensure safe passage, according to officials involved in the talks.
The initiative follows disruptions in the region, which have raised concerns over supply stability. Previous attempts to secure the waterway have faced delays, but this effort sets a timeline of 30 to 60 days for negotiating a permanent route. No start date for the next phase of discussions has been announced.
Oil markets reacted swiftly, with West Texas Intermediate (WTI) crude falling 4.71% to $80.60 amid broader market sentiment.