Iran and Oman have agreed on how to share revenue and control waters in the Strait of Hormuz, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday, as tensions with the US continue to disrupt traffic through the strategic waterway. IRGC spokesman Hossein Mohebbi said the two countries had reached agreements on their respective shares of the strait’s waters and revenues, but claimed US opposition was delaying implementation.
The announcement goes beyond a joint statement issued by Iran and Oman on Tuesday, which referred only to an “interim framework” for resuming ship transits and made no mention of fees. Iranian officials have stressed that any deal with Oman would not automatically reopen the strait, which carried about a fifth of global oil and liquefied natural gas supplies before the conflict began.
Tehran has said normal shipping would depend on the US lifting sanctions, ending its naval blockade and unfreezing Iranian assets — conditions Washington has yet to accept. The US, meanwhile, has claimed the waterway is open and that mines have been cleared. Iran disputes the claims, while the International Maritime Organization has said there is no confirmation that the strait has been fully reopened or mines removed.
The standoff has sharply disrupted shipping and Iran’s oil revenues, while talks between Tehran and Muscat have helped ease market fears. Brent crude has fallen about 7% this week to trade above $88 a barrel. The Strait of Hormuz remains largely closed to normal commercial traffic, although some vessels continue to cross, allowing millions of barrels of oil to pass despite the ongoing tensions.