Iran and Oman Strike Deals on Strait of Hormuz Revenue Share
Iran and Oman have finalized agreements on their share of the Strait of Hormuz and its revenues, the Revolutionary Guards announced Wednesday.
Tehran and Muscat have reached agreements on their respective shares of the Strait of Hormuz and the revenues generated from it, according to a statement from Iran's Revolutionary Guards spokesperson on Wednesday.
The announcement, carried by the semi-official Tasnim news agency, marks a significant step in bilateral maritime cooperation between the two Gulf nations. The Strait of Hormuz is a critical chokepoint through which roughly a fifth of global oil supply passes daily.
The Revolutionary Guards spokesperson indicated that negotiations between the two countries had been delayed due to obstruction from the United States. The spokesperson suggested that Washington's interference had slowed the process, though the specific nature of that obstruction was not detailed.
Neither government has yet released the full terms of the agreements, and it remains unclear what specific revenue-sharing mechanisms have been established. The development comes amid ongoing regional tensions and shifting maritime alliances in the Gulf.
The agreements could have implications for shipping traffic and energy markets, given the strait's strategic importance to global trade. Further details are expected as both governments formally announce the terms.