Iran and Oman Near Pact on Strait of Hormuz Vessel Traffic

Iranian foreign ministry spokesperson Esmaeil Baghaei confirmed the negotiations are in their final stages, contingent upon the absence of interference from third parties. While Washington has historically opposed Iranian dominance over the waterway, reports suggest a potential shift in position, with recent discussions contemplating a scenario where Iran oversees incoming vessel traffic. This development surfaces as crude benchmarks remain under pressure, with Brent crude recently dipping to $79.12 per barrel and West Texas Intermediate sliding to $74.79.

The prospect of Iranian control has sparked a volatile diplomatic exchange. President Trump has issued threats of severe retaliation should peace talks falter, even as he characterizes concurrent discussions as productive—a claim Tehran has officially denied. The stakes remain high for global energy markets; anonymous Gulf officials indicated that Iran has issued an unequivocal warning to strike regional energy infrastructure should the United States target Iranian assets. This high-stakes maneuvering follows a period of escalating attacks that have already pushed tanker traffic through the Strait to a two-month low.