-- Iran is signaling a potential breakthrough in its maritime standoff with the US, offering to allow vessels safe passage through Omani waters in the Strait of Hormuz if a broader deal to avert renewed conflict is reached, Reuters reported on Wednesday, citing industry sources.
The Middle East conflict has triggered the biggest disruption to global oil and gas flows on record, after Iran blocked the Hormuz, a strategic waterway that handles about 20% of the world's oil and liquefied natural gas flows.
The conflict, which erupted on Feb. 28, has left hundreds of vessels and an estimated 20,000 seafarers stranded within the Arabian Gulf, the report said.
Though President Trump struck an optimistic tone on Wednesday, suggesting that the war is close to over, control over the Strait remains a key issue in negotiations.
Iran's Foreign Ministry did not immediately respond to' request for comment.
Iran may be open to allowing ships to transit through the Omani side of the Hormuz without interference, a move that could ease tensions in the strategic waterway.
The proposal, however, depends on whether the US is willing to meet Iran's demands, a condition seen as pivotal to any broader breakthrough over the waterway.
The proposition marks a Pivot from Tehran's recent threats to impose a unilateral toll on vessels and assert sovereignty over the strategic chokepoint, which the global shipping industry warned would violate long-standing maritime conventions.
The shift comes as member states of the UN's International Maritime Organization gathered in London this week to formally oppose the prospect of an Iranian transit tax.
The IMO warned that allowing a nation to charge for passage through an international waterway would set a "dangerous precedent" for global trade.
(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.)