Iran has accused the US of blocking a proposed deal with Oman aimed at restoring safe navigation via the vital waterway, Strait of Hormuz.
However, the group warned that the strait would remain closed unless Washington accepts Iran’s conditions.
Iran’s Islamic Revolutionary Guard Corps stated Tehran and Muscat had been on the same page, reaching an understanding over their respective roles in managing the Hormuz, including revenue arrangements.
The statement came after a joint announcement by Iran and Oman that their foreign ministers had discussed a “proposed framework” for establishing a temporary joint navigation corridor through the strait.
Moreover, the plan includes cooperation to clear mines and enhance maritime safety.
Technical negotiations are likely to continue, with both countries seeking a longer-term arrangement covering navigation, traffic management, information-sharing and security services.
The developments have impacted global oil markets. Brent crude fell below $90 a barrel overnight, extending recent declines despite a sharp reduction in shipping via Hormuz.
Preliminary data revealed only five commodity vessels were able to cross the Strait of Hormuz on Tuesday, compared with a 10-day average of 15.
This comes amid tensions remaining over the US economic pressure on Tehran. Treasury Secretary Scott Bessent recently threatened an “economic D-Day” targeting Iran’s trading partners and those helping its economy.
Washington has avoided imposing significant secondary sanctions on countries like China, which purchases most of Iran’s exported oil. Beijing has warned that it would take measures to defend its interests if US economic pressure expands.
Meanwhile, reports of a possible new US-Iran ceasefire remain unverified.
