The deal outlines revenue shares for the critical waterway, potentially easing transit concerns as Iran warns full reopening requires broader agreements.
Iran and Oman finalized a revenue-sharing agreement for the Strait of Hormuz, a key oil transit chokepoint, according to the Islamic Revolutionary Guard Corps. The pact specifies each country’s share of the strait’s waters and associated revenues, advancing beyond a prior joint statement that only mentioned an “interim framework” for resuming ship transits without fee details.
The agreement emerges as Tehran and Washington remain at odds over control of the waterway, which handles about 20% of global oil flows. Iran cautioned that reopening the strait fully would require additional negotiations, despite the Oman deal.
Oil markets reacted modestly, with West Texas Intermediate crude rising 0.72% to $81.32 amid the news.