A temporary agreement between Iran and Oman regarding the Strait of Hormuz remains conditional on the United States meeting its obligations, Iranian official Kazem Gharibabadi stated. This arrangement, which notably includes the creation of a maritime transit route, aims to de-escalate tensions around this strategic passage through which a significant portion of global trade flows. Oman serves as an intermediary in this diplomatic process, reflecting the fragility of relations between Iran and the United States. Market expectations indicate limited confidence in a swift resolution, with an estimated probability of only 0.5% for an agreement by August 31.
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