Iran and Oman Still Negotiating Strait of Hormuz Deal, Tehran Source Says

Iran and Oman have not yet finalised an agreement on the Strait of Hormuz, a senior Iranian source said on Wednesday, indicating that negotiations over the crucial waterway are still underway.

The statement comes after a spokesperson for Iran's Islamic Revolutionary Guard Corps (IRGC) claimed that the two countries had reached an understanding on how to share the strait and its revenues. Hossein Mohebbi said negotiations with Oman over the past month had produced results acceptable to both sides, including agreements on territorial shares and revenue distribution.

However, the senior source clarified that while talks are progressing, the details of a final accord have yet to be settled. This follows comments from Omani Foreign Minister Badr Albusaidi on Tuesday, who expressed hope that a temporary corridor for the strait and arrangements for safe navigation could be announced soon.

The IRGC has accused the United States of trying to obstruct the negotiations, which have delayed an agreement. Mohebbi reiterated that the strait would not be opened unless the U.S. meets Tehran's conditions, which include ending the blockade on Iranian ports, paying compensation, and removing sanctions.

The strategic waterway, which handled a fifth of global oil and LNG shipments before the conflict began in February, remains largely shut down. Attacks on shipping continue to make passage perilous, and Iran has blacklisted 45 vessels in an effort to disrupt ship-to-ship transfers.

Meanwhile, oil prices fell for a third day, dropping more than 1.5%, amid signs of renewed diplomatic efforts to end the war. U.S. Secretary of State Marco Rubio has reportedly told allies that Washington does not plan to launch new strikes against Iran for now, focusing instead on other pressure tactics.