About 20% of all global oil traded passed through the Strait of Hormuz prior to the conflict, which sparked after the US and Israel carried out joint strikes on several Iranian sites

Iran and Oman are close to reaching an agreement to restore commercial maritime traffic through the Strait of Hormuz, The New York Times reported, citing Iranian and US officials.

The United States is nearing an interim agreement with Iran and Oman. This deal aims to reopen the Strait of Hormuz and restore a ceasefire. The arrangement will govern maritime…