Iran, Oman Near Deal on New Strait of Hormuz Shipping Route
What Happened
Iran's Foreign Ministry said Tehran and Muscat have reached an understanding on the geographic coordinates of a new shipping route through the Strait of Hormuz. Under proposal, ships entering the strait would use the route closest to Iran, to exit ships would use route closest to Oman. Currently, no toll or service fees is proposed. A joint statement is reportedly being finalized, although some details remain under negotiation.
Key Takeaways
The proposed arrangement could give Iran a larger role in overseeing vessels entering the Persian Gulf through the strategic waterway.