The United States, Iran, and Oman are reportedly close to finalizing a temporary agreement that would reopen the Strait of Hormuz, a critical chokepoint for global oil transport. The deal, which could be announced as soon as today, would establish a 60-day framework for shipping traffic through the strategic strait.
Under the proposed interim agreement, inbound shipping traffic into the Persian Gulf would utilize a northern lane passing through Iranian waters, while outgoing traffic would proceed through a southern lane within Omani waters toward the Arabian Sea. US and regional sources told Axios that no tolls or fees would be levied during this 60-day period, though the agreement could be extended.
Furthermore, the parties involved would commence the removal of naval mines from the strait’s median lane within 30 days. Once this central lane is deemed safe, it is intended to be opened for both inbound and outbound traffic as part of a future permanent agreement between Iran and Oman. The terms regarding potential tolls or fees under a permanent deal remain unclear.
Negotiations for this agreement have been ongoing for several weeks, with the objective of resuming a ceasefire between Iran and the US that reportedly collapsed last month. Iran has maintained that its discussions are solely with Oman, denying direct talks with the United States over the Strait of Hormuz.
Iran has stated that any agreement would be temporary unless US "aggression" ceases. This potential breakthrough follows President Trump's recent announcement that he had called off a significant strike on Iran to allow diplomacy a final opportunity before considering further military action.
In peacetime, approximately one-fifth of the world's oil supply transits through the Strait of Hormuz. Recent weeks of conflict have disrupted shipping and caused volatility in global markets.