The deal aims to resume safe navigation and clear mines, easing oil market tensions amid recent geopolitical conflicts.
Iran and Oman have agreed to establish a temporary joint shipping lane in the Strait of Hormuz, alongside a project to clear mines from the waterway. The move follows two days of heavy oil market selling on speculation of progress in regional negotiations, though details remain limited.
The agreement was announced after talks between Omani Foreign Minister Sayyid Badr bin Hamad Al Busaidi and his Iranian counterpart, Seyed Abbas Araghchi. Both nations emphasized the need for safe navigation while safeguarding sovereignty, citing recent conflicts and their impact on maritime security.
The U.S. appeared to preempt the announcement, with President Trump stating that mines in the area were already cleared. Technical negotiations will continue to formalize a permanent corridor and future management mechanisms for the strait.