Iran and Oman are nearing a temporary agreement to reopen the Strait of Hormuz, a waterway that moves about one‑fifth of global oil. Oil futures rose to $84 a barrel as Tehran makes clear the reopening hinges on a bundle of U.S. concessions, linking the deal directly to market pricing pressure.
The arrangement would let vessels enter near Iran and exit near Oman without paying fees during the interim, and is slated for a joint announcement by Iran, Oman, the United States and the IMO. Iran’s National Security Committee has approved outline plans, while Tehran’s Supreme National Security Council listed compensation, sanctions relief, blockade removal and asset releases as pre‑conditions. The U.S. interim deal signed in June remains the baseline for any further steps.
Market participants note that reopening the strait could ease the supply squeeze that has kept oil prices elevated since the February U.S.-Israel attacks blocked the channel. The potential resumption of unimpeded shipping is expected to moderate price spikes, while the Gulf Cooperation Council’s endorsement signals regional political support for a swift resolution.
Iran insists the U.S. must meet all listed demands before any traffic resumes, whereas a U.S. official indicated the blockade would be lifted once a commercial‑shipping deal is announced. Tehran also disputes the July U.S. re‑imposition of a naval blockade, calling it a breach of the June cease‑fire, a point the United States has not publicly addressed.