Iran and Oman Near Hormuz Deal; Ships Expected to Pass Through Strait Without Fees

Iran and Oman are reportedly nearing a provisional agreement regarding vessel traffic in the Strait of Hormuz. This development follows signals from both Iran and the United States that an announcement concerning this vital shipping lane could be made soon.

An Iranian government official involved in the deal stated that shipments passing through the Strait of Hormuz would not be subject to additional fees or tariffs. The interim agreement covers inbound vessel traffic through Iranian territorial waters and outbound traffic via routes closer to Oman.

The deal also aims to reopen discussions on a ceasefire and a memorandum of understanding previously agreed upon by the US and Iran in mid-June. Under the earlier agreement, Iran was to allow commercial vessels to transit the Strait of Hormuz toll-free for 60 days, while Washington committed to lifting the naval blockade on Iranian ships.

Iranian Deputy Foreign Minister Kazem Gharibabadi stated that the US is ready to "return to its commitments," although he denied the existence of direct negotiations between Tehran and Washington. According to him, the current understanding is being brokered between Iran and Oman, while parties such as the UN's International Maritime Organization and the United States could be involved in the announcement of the arrangement.

In terms of market impact, a Hormuz deal could alleviate global energy supply disruptions and lower the risk premium on oil prices. If vessel traffic flows smoothly without additional tariffs, Brent and WTI prices could potentially soften as supply risks diminish. However, the market remains cautious, as reports of explosions near tankers off the coasts of Yemen and Oman indicate that maritime security risks have not yet been fully eliminated. (asd)*

Source: Newsmaker.id