Kathmandu— The Iranian Foreign Ministry announced on Thursday that negotiations with Oman over reopening commercial shipping through the strategic Strait of Hormuz are nearing completion. The proposed agreement would establish a new corridor through the strait, with Iran gaining greater control over vessels entering the Persian Gulf and Oman overseeing outbound traffic. This development follows weeks of disagreement over the interpretation of an earlier memorandum of understanding aimed at ensuring safe passage for commercial vessels.
Deal Details
According to media reports, Iran and Oman have agreed on the routes and are in the final stage of drafting a joint statement. Iranian Foreign Ministry spokesman Esmaeil Baghaei stated that negotiations were “nearing completion,” provided “certain third parties do not obstruct the process.” The proposed arrangement includes clearing naval mines from the median lane within 30 days, with Iran and Oman working together to ensure safe passage for commercial vessels free of charge for 60 days while negotiating future administration.
US Involvement
The US President Donald Trump said earlier this week that talks were “moving along nicely” and predicted the strait would reopen “very soon.” However, Reuters cited Iranian sources as saying key details remained unresolved. The latest negotiations follow weeks of disagreement over a memorandum of understanding intended to ensure a ceasefire and pave the way for reopening the strait. Washington insists the strait must remain fully open to international navigation.
Economic Impact
The Strait of Hormuz, through which around one-fifth of the world’s seaborne oil passes, has been a critical energy corridor. The closure and subsequent naval blockade by the US disrupted traffic, sending global oil prices soaring to as high as $120 a barrel. Shipping and insurance industry sources have questioned whether any arrangement involving Iranian transit fees would be workable under existing US sanctions.
(With inputs from RT)
Originally published on abcnews.com.np.
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