Iranian and Omani officials are holding constructive talks aimed at restoring normal commercial shipping through the Strait of Hormuz. Roughly one fifth of global oil supply passes through this corridor. The crisis began in late February 2026, following US and Israeli military strikes against Iran, when Tehran moved to restrict commercial shipping. In June 2026, the two countries agreed to form a joint working group on navigation management, and the US and UK are organizing a London conference on the matter. A sustained restriction on commercial passage through the strait would force tankers onto longer routes around the Cape of Good Hope, adding weeks to transit times and significant fuel costs, with potential impact on global energy prices and, by extension, on risk assets including Bitcoin.
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