Iran and Oman close to deal to fully reopen Strait of Hormuz

TEHRAN, Iran — Iran and Oman are close to an agreement that would fully reopen the Strait of Hormuz to ship traffic, the New York Times reported, citing U.S. and Iranian officials. Under the arrangement, vessels entering the strait from the Indian Ocean through the Gulf of Oman would transit Iranian territorial waters, while ships exiting the Gulf would use a parallel route along the Omani coast. The plan is intended to guarantee uninterrupted commerce through the waterway, through which roughly one-fifth of global oil production passes in peacetime. A U.S. official disputed Iran's characterization of the deal, saying no fees would be charged and that Tehran would have no say in determining which ships transit or the route they follow. Iranian Foreign Ministry spokesman Esmail Baghaei said no lasting change to passage arrangements in the strait would occur as long as the United States maintained its naval blockade and military strikes. Oman's Foreign Ministry said in a July 14 statement that it was mediating with the parties to restore freedom of navigation in line with maritime law, working transparently and impartially. The two countries established a joint working group in June that committed to keeping the strait open to international trade. U.S. Treasury Secretary Scott Bessent and Secretary of State Marco Rubio said the agreement could be concluded within a day or two.