Iran, Oman reach Hormuz revenue deal but strait stays shut

Iran's Islamic Revolutionary Guard Corps announced on Wednesday that Tehran and Oman have reached agreements on their respective shares of the Strait of Hormuz and its revenues, but warned the strategic waterway will remain closed unless the United States accepts the arrangement.

"In these negotiations, agreements have been reached regarding the share of each country in the waters of the Strait and the share of Iran and Oman in its revenues," IRGC spokesman Hossein Mohebbi said, according to the semi-official Tasnim news agency. "If the United States does not accept our conditions, the Strait of Hormuz will not be opened under any circumstances."reuters+1

A Deal Beyond the Diplomatic Statement

The IRGC's announcement goes further than a joint statement issued by Iran and Oman's foreign ministries on Tuesday, which discussed only an "interim framework" for resuming ship transits and did not mention fees or revenue sharing. Bloomberg reported that neither country's foreign ministry immediately responded to requests for comment on the IRGC's claims.bloomberg

A senior Iranian source told Reuters that the broader agreement has not yet been finalized and both countries are still working on details. The strait, which carried one-fifth of global oil and liquefied natural gas shipments before the US-Israeli war against Iran began on February 28, has remained largely closed since then.yahoo+1

US Accused of Obstruction

Mohebbi accused Washington of obstructing the Iran-Oman negotiations and causing delays. Iranian Deputy Foreign Minister Kazem Gharibabadi said Wednesday that no military vessel would be allowed through the strait and demanded the United States "fully implement all of the commitments it has violated" before any reopening, including ending the war and lifting its naval blockade.ynetnews+2

The announcement came as oil prices fell for a second consecutive day, with traders looking past new US sanctions that Treasury Secretary Scott Bessent called an "economic D-Day" against Iran. Iran denounced the sanctions campaign as "gross lawlessness."rte+1

Risks Persist

Passage through the strait remains perilous. On Tuesday, an oil tanker was struck by an unidentified projectile near Oman's Ash Shishah at the entrance to the strait, according to UK Maritime Trade Operations. Iran also blacklisted 45 vessels on Sunday in an effort to stop ship-to-ship transfers used by Gulf producers to evade its blockade.jpost+1

US public approval of the war has fallen to its lowest level since the conflict began, and Trump's popularity is at a record low ahead of November's congressional elections, according to Reuters/Ipsos polling.yahoo