Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies.
A joint statement from Tehran and Muscat is under review and in the final drafting stage, Iranian Foreign Ministry spokesman Esmail Baghaei said on Wednesday, according to a post on Telegram.
Negotiations between the two countries are “forward-moving” and a deal would be struck “if certain third parties do not obstruct this process,” he said.
Reopening the strait has become US President Donald Trump’s prime goal after more than five months of war with Iran, as he looks to bring down high fuel prices ahead of November’s midterm elections.
Trump said on Tuesday that “a lot of progress has been made” and that a deal could be reached on Wednesday or Thursday.
Oil held losses after Iran announced the agreement, raising the prospect of more energy flows resuming through the strait. Brent traded near $79 a barrel early Thursday, while West Texas Intermediate was around $75 after losing 11% in the week’s first three sessions.
Iran’s latest announcement on Hormuz comes after months of deadlock between the US and Tehran over how to conclude the war, with control over shipping through the waterway a particular sticking point. Tehran has demanded that vessels obtain permission to cross and pay fees to transit, and has attacked ships it deems to be in violation.
The US, in turn, has blockaded Iranian ports. The issue led to the collapse of a ceasefire and interim peace agreement last month.
