The emerging Iran-Oman Hormuz deal: What's at stake?
A framework that gives Tehran a formal role in determining how ships move through the waterway could strengthen its hand in future negotiations with the US.
An emerging deal between Iran, Oman and possibly the United States to reopen the Strait of Hormuz is poised to resolve an immediate shipping crisis in the strategic waterway.
What happened: US Treasury Secretary Scott Bessent told CNBC on Tuesday that "there’s a chance we may have a deal today or tomorrow to open the strait and move toward a more normalized position in this conflict."
On Sunday, Iranian officials said that Iran and Oman were nearing a deal on the strait, through which 20% of global oil supplies flowed prior to the war. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said that the deal would entail a route through the strait outside of the three existing shipping corridors in the waterway.
On Monday, Iranian Foreign Minister Abbas Araghchi held a call with his Omani counterpart, Badr Al-Busaidi, amid ongoing talks between the two countries, though Iranian state media did not specifically mention the Strait of Hormuz.
