Iran, Oman agree to share Hormuz transit revenues:Temporary route allows limited shipping, full reopening uncertain

Iran and Oman have agreed to share revenues from ships transiting the Strait of Hormuz while establishing a temporary maritime route to facilitate limited commercial shipping through the strategic waterway, according to Al Jazeera. The agreement follows weeks of talks between Tehran and Muscat over the management of vessel traffic through the strait. Temporary route agreed for shipping Iranian Deputy Foreign Minister Kazem Gharibabadi said the temporary route would be around 7 miles (11.3 km) wide, with its entry passing through Iranian territorial waters and part of its exit also running through Iranian waters. The agreement is aimed at facilitating the movement of commercial vessels, but it does not mean that the Strait of Hormuz has been fully reopened. Iran has maintained that a broader reopening will depend on developments in its negotiations with the US. Iran and Oman discuss mine clearance Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed the temporary navigation corridor in Tehran on Tuesday. According to a joint statement cited by Al Jazeera, the talks also covered a project to clear mines from the Strait of Hormuz. Oman has played a mediating role between Iran and the US and has been involved in weeks of discussions over the future of shipping through the waterway. Albusaidi said he hoped the two countries would soon announce the corridor, while adding that future management of the strait and a permanent solution would be addressed later. Why Hormuz matters to global trade The Strait of Hormuz is a crucial global energy route. Before the US-Israel war on Iran began in February, more than 20% of global oil and liquefied natural gas shipments from Gulf producers passed through the strait, according to Al Jazeera. Around 130 ships crossed the waterway each day. Shipping through the strait has been severely disrupted since the conflict began, creating concerns over global energy supplies and prices. The temporary route could provide a limited pathway for commercial shipping, but Iran’s insistence that the strait remains closed means a full restoration of maritime traffic is still uncertain. The two countries are expected to continue discussions on a permanent navigation arrangement. ​