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Market Chatter: Oman Proposes Joint Management of Hormuz to Iran

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Oman has put forward a proposal to Iran to jointly manage the Strait of Hormuz with voluntary fees, Reuters reported Tuesday, citing a source.

The regional mechanism would not give Iran sole control of the strait, the source told the news agency. Gulf states reportedly supported the plan.

The proposal mimics how the Strait of Malacca is managed, where users voluntarily give funds for navigation, environmental protection, and security, according to the report.

The foreign affairs ministries of Oman and Iran did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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