Iran and Oman Finalize Hormuz Shipping Deal

Iran announced it is awaiting final approval on a proposed shipping agreement with Oman in the Strait of Hormuz, according to Iranian state media. The semi-official Fars News Agency reported that, under the framework, both countries would temporarily use their existing routes before shifting all traffic to a central course. The deal addresses overlapping economic claims in one of the world’s most critical oil transit chokepoints. Iran and Oman each currently assert rights to separate shipping lanes in the strait, through which about 20% of global petroleum passes. Officials in Tehran say the agreement aims to ease navigation and reduce friction between the two neighbors. Oman has not yet publicly confirmed the terms. The strait’s strategic importance means even temporary routing changes could impact global shipping and energy markets. The final approval process remains underway, with no timeline announced for implementation.