E-Paper
Iran, Oman reach agreement on sharing Strait of Hormuz, its revenue? Here's what we know
Iran and Oman have held talks for several weeks about controlling the traffic through the Strait of Hormuz.
Prefer HTon Google
Iran and Oman are still negotiating over the details of a potential deal to regulate traffic and divide maritime revenues in the critical Strait of Hormuz. This comes as the crucial maritime route has been experiencing heightened tensions following joint US-Israeli strikes on Iran.
Iran's Islamic Revolutionary Guard Corps (IRGC) had initially claimed that an agreement had been reached over sharing the waterway and its revenues. However, a senior Iranian official, cited by Reuters, later clarified that Iran and Oman are still working on the details of the deal.
Also Read | Netanyahu recalls talks with Trump on US-Iran peace deal: ‘Can’t reach agreement with those savages'
Agreement or no agreement?
Iran and Oman have held talks for several weeks about controlling the traffic through the Strait of Hormuz.
"An agreement with Oman over the Strait of Hormuz has not been finalised," the senior Iranian official told Reuters.
On the other hand, according to the report, an IRGC spokesperson claimed that an arrangement had been established regarding the control and revenue split of the waterway.
Hossein Mohebbi, in comments published by Iranian state media, said, "The Strait of Hormuz belongs to Iran and the country of Oman... We have been in negotiations with Oman for about a month, and we have reached results that are acceptable to both sides."
Following the talks on Tuesday, Omani Foreign Minister Badr Albusaidi noted that he was "hopeful we will soon announce a temporary corridor for the Strait of Hormuz and practical arrangements to restore safe navigation".
"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," he continued.
Earlier this month, Iran had said that a deal on the strait was close.
Significance of Strait of Hormuz
The strategic waterway has become a central flashpoint for global concerns, with both Tehran and Washington attempting to assert control by imposing separate blockades.
Prior to the outbreak of the Middle East conflict in February this year, the strait handled approximately one-fifth of global oil and liquefied natural gas (LNG) shipments.
However, since the start of the war, the strait has remained largely shut, driving up global energy prices.
Also Read | No new Iran strikes for now, Rubio tells allies as US tightens economic pressure
Control over Strait of Hormuz
According to AP, Iranian Deputy Foreign Minister Kazem Gharibabadi told state television on Tuesday that commercial shipping traffic into the Persian Gulf from the Gulf of Oman would pass entirely through Iranian waters.
(with inputs from agencies)
