The comments add a layer of specificity to the Iran-Oman track without resolving the broader uncertainty markets have been pricing around Hormuz .
Confirmation that Iran and Oman have settled on a shipping corridor, split between each country’s territorial waters, supports the narrative of incremental progress that has weighed on crude this week
However, Rezaei’s insistence that full use of a central channel depends on a separate memorandum with Washington, and that ending the regional war is among Iran’s conditions, keeps a meaningful risk premium in place. Traders are likely to continue treating the Oman agreement as a technical, partial step rather than a signal that normal Hormuz traffic volumes are imminent, particularly given the more hardline conditions aired separately by Iran’s Revolutionary Guards over the same period. — Iran has a shipping corridor deal with Oman, but says the wider Strait of Hormuz question remains hostage to a separate set of conditions aimed at Washington. Summary: Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said Tehran is preparing a formal list of conditions for reopening the Strait of Hormuz, at the request of mediators.
Ending the regional war is among the conditions on that list, according to Rezaei. Iran and Oman have reportedly agreed on a shipping corridor through the strait, with sections of the route running through each country’s territorial waters. Rezaei said ships would be able to use a designated central channel once the US meets Iran’s conditions, implying current transit remains temporary or restricted pending a memorandum of understanding with Washington.