Iran’s foreign ministry confirmed it has reached an agreement with Oman to return maritime traffic in the Strait of Hormuz to normal levels, with the two countries set to develop a joint mechanism for managing vessel transit through the waterway.
The announcement lands at a moment when the strait, which handles roughly 20% of the world’s seaborne oil trade, has been operating at a fraction of its normal capacity. Daily ship counts have plummeted to single digits from around 140 before the crisis began in late February.
What the agreement actually involves
Iranian Deputy Foreign Minister Kazem Gharibabadi announced back in April that Iran and Oman were drafting a protocol for coordinating transit through the strait. The framework positions both nations as joint overseers of vessel movement, with the stated goal of enhancing safe passage rather than imposing restrictive tolls.
Iran’s Foreign Ministry spokesperson has indicated that fees may be charged for navigational services. During the peak of the crisis, transit fees reportedly climbed as high as $2 million per vessel.
