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Iran, Oman Reportedly Reach Deal on Hormuz Control, Revenues

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Iran has reached a deal with Oman over shared control of the Strait of Hormuz and revenues from it, multiple media outlets reported Wednesday, citing comments made by the Islamic Revolutionary Guard Corps to Iranian media.

Iran and Oman have agreed on their respective shares of the Strait of Hormuz's waters and revenues and have arrived at an arrangement that is acceptable to both sides, according to a Bloomberg report, citing Sepah News agency.

Negotiations between the two countries were delayed due to US obstruction of the process, an IRGC spokeperson told Tasnim news agency, according to a Reuters report.

The reports did not mention the terms of the agreement.

According to media reports on Tuesday, Oman and Iran discussed a proposed framework for a temporary navigational corridor through the Strait of Hormuz to restore safe shipping.

Omani Foreign Minister Sayyid Badr bin Hamad Albusaidi met Iranian Foreign Minister Seyed Abbas Araghchi in Iran for consultations focused on navigation through the strategic waterway, Oman News Agency reported.

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US Oil Update: Crude Plunges as Iran-Oman Discuss Temporary Joint Hormuz Route, Demining

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