Iran and Oman near Strait of Hormuz shipping agreement

Iran said it is in the final stage of drafting an agreement with Oman on commercial shipping in the Strait of Hormuz, a vital route for global oil transport. Reuters reported that the proposal could give Tehran more control over vessels passing through the waterway. The comments came after President Donald Trump said a U.S. deal with Iran could be reached within days, while Treasury Secretary Scott Bessent also suggested an agreement may be close. Iranian officials, however, said their talks with Oman have been ongoing for two months and did not confirm U.S.Iran negotiations. The possible agreement has drawn close attention because the strait handles a large share of the world’s oil shipments. Markets reacted to the prospect of a breakthrough, with oil prices falling and stocks rising, while U.S. officials said the southern route through the strait remains open for commercial vessels.