Iran and Oman reached an agreement on August 5 on the outline of a 60-day interim framework to resume commercial shipping through the Strait of Hormuz, a waterway through which approximately 20% of global oil passes. Maritime traffic has been reduced by more than 90% since the Iran conflict began in February 2026, triggering a surge in oil prices and disruptions to supply chains. The agreement remains contingent on approval from Iran’s Supreme National Security Council and potentially from Supreme Leader Ayatollah Khamenei. Negotiations also hinge on changes in US naval posture in the region, a variable that neither Iran nor Oman fully controls.
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