Iran announced that it had reached an agreement with Oman on the "sharing of revenues" from the Strait of Hormuz
The United States has consistently opposed the imposition of fees for vessel traffic on this waterway
Iran and Oman have agreed to share “revenues from the Strait of Hormuz,” announced a spokesperson for the Islamic Revolutionary Guard Corps / Photo: Ram the image creator / Shutterstock
Iran announced that it had reached an agreement with Oman on the “sharing of revenues” from the Strait of Hormuz. The two countries are engaged in a parallel dialogue—unrelated to the U.S.-Iran negotiations—and are seeking to conclude an agreement on the management of this key waterway, Bloomberg reports.
Details
“Agreements were reached regarding each country’s share of the strait’s waters, as well as Iran’s and Oman’s shares of the revenue generated by it,” a spokesperson for the Islamic Revolutionary Guard Corps said on Wednesday, August 26, according to the Iranian state news agency Sepah News.
A joint statement issued by the two countries’ foreign ministries on August 26 noted that they had discussed “interim conditions” aimed at resuming shipping through the Strait of Hormuz. However, the parties refrained from announcing a final agreement in this document and also made no mention of plans to levy fees on ships passing through the strait, Bloomberg notes.
Iranian Foreign Minister Abbas Arakchi and the Omani Ministry of Foreign Affairs did not respond to the agency’s inquiries regarding the “revenue-sharing” agreement for the Strait of Hormuz.
On August 26, the price of WTI crude oil futures fell 2% from the previous close, to $80.6 per barrel. Contracts for the benchmark Brent crude are also down 2%, trading at $86.6 per barrel.
Context
Earlier on August 26, Tehran announced the resumption of talks with Oman regarding shipping traffic in the Strait of Hormuz amid intensifying economic pressure from the United States. The day before, on August 25, Iran and Oman agreed to clear the waterway of mines and discussed establishing a “joint temporary shipping corridor” through it, Reuters reported.
Previously, the United States had consistently opposed the imposition of fees for ships passing through the Strait of Hormuz. In mid-August, U.S. President Donald Trump threatened to strike Oman (a traditional ally of Washington) if its authorities “stand in the way” the United States in the context of a deal with Iran regarding the Strait of Hormuz.
This article was AI-translated and verified by a human editor
