Iran says a deal with Oman to share control over the Strait of Hormuz is in its "final stages," raising the prospect of a new arrangement governing one of the world's most critical oil shipping routes.
Roughly 20% of global oil consumption transits the strait, the narrow waterway separating Iran from Oman that links the Persian Gulf to open ocean. Under the emerging plan, ships would enter the strait via a route controlled by Iran and exit through a route controlled by Oman, with security and environmental fees charged along the way, according to NPR.
The arrangement has already drawn objections from Washington. US officials have pushed back on any deal that would allow Iran to charge fees on shipping through the strait, arguing that such a mechanism would hand Tehran a new source of leverage and revenue over global oil traffic, according to CNBC.
Oman, for its part, has not confirmed that a deal has been reached, leaving key details of the proposed fee structure and enforcement mechanism unresolved. President Trump has said an announcement could come "within days," though he has not specified what form it would take or whether it would address the objections his own administration has raised over Iran's role in collecting fees.
The stakes of the negotiation extend well beyond the two countries directly involved. Any framework that formalizes Iranian and Omani control over separate lanes of the strait would mark a significant shift in how transit through the chokepoint is managed, at a moment when Gulf security arrangements have already been under strain.
Any agreement affecting transit through the Strait of Hormuz carries outsized significance for global energy markets, given the volume of crude oil that passes through the corridor daily. Analysts have watched the negotiations closely for signs of how they might affect oil prices and the broader security picture in the Gulf, where tensions involving Iran have simmered for months and where even the prospect of a resolution has moved markets.