Iran said Saturday it is “very close” to a deal with Oman on temporary maritime transit routes through the Strait of Hormuz, raising hopes for partial relief to global energy supply disruptions that have rattled markets for months.
Iranian Foreign Minister Abbas Araghchi told reporters that negotiators are closing in on designated temporary lanes for ships entering and exiting the Persian Gulf. However, he cautioned that any agreement would not result in an immediate reopening of the strait, signaling that relief for energy supplies may be limited in the near term.
The Strait of Hormuz is one of the world’s most critical energy chokepoints, carrying roughly a fifth of global oil and liquefied natural gas supplies before the current conflict. The waterway has been heavily disrupted since the United States and Israel launched a war against Iran on February 28, curbing commercial shipping and driving energy prices to multi-year highs.
Oman has emerged as a key mediator in the dispute. Muscat announced it would keep the strait open to shipping without imposing tolls and designated two temporary routes north and south of the existing shipping lane to facilitate safe passage. The measures were introduced in coordination with the International Maritime Organization.
In a notice to mariners, Oman said the existing Traffic Separation Scheme in the strategic waterway was currently unsafe for use. Vessels departing through the strait could instead use the temporary routes, though they would be required to maintain communications with coastal authorities and comply with all navigational instructions.
The development comes amid heightened tensions in the region. The UAE reported another tanker was attacked in the strait this week, underscoring the ongoing risks to commercial shipping even as diplomatic efforts advance. Iran and Oman have formed a joint working group to negotiate longer-term arrangements for navigation and maritime services in the waterway.
Under a previous interim agreement, Iran committed to ensuring toll-free passage of commercial vessels for 60 days, with commercial shipping resuming immediately. The current talks are expected to address longer-term arrangements, including costs associated with maritime services after that period expires.
Energy analysts said the limited nature of any deal could keep oil and LNG prices elevated. “Even temporary lanes represent progress, but the fact that Iran is signaling no full reopening means the fundamental supply disruption persists,” said one market strategist. Brent crude has traded above $80 per barrel for most of the conflict period, well above pre-war levels.
The talks also raise questions about long-term control of the waterway. U.S. Secretary of State Marco Rubio has stated that Washington would not accept Iranian tolls on passage through the strait, while Tehran has insisted on its sovereign rights. The outcome of the Oman-Iran negotiations could reshape the geopolitics of global energy transit for years to come.
Sources: Political Wire, Bloomberg, Asharq Al-Awsat
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