Iranian Foreign Minister Abbas Araghchi (second from left), Iranian Parliament Speaker Mohammad Bagher Ghalibaf (second from right), and Omani Foreign Minister Badr bin Hamad Al Busaidi (right) walk inside a building in Muscat, Oman on June 22, 2026.
Hamed Malekpour | AFP | Getty Images
Iran and Oman are nearing an agreement to ensure safe navigation in the Strait of Hormuz and future control of the vital economic artery.
The Gulf states announced in a joint statement on Tuesday that their respective foreign ministers discussed a “draft framework” to establish “an agreement to implement a joint provisional navigation corridor through the Strait of Hormuz and a joint project to clear mines.”
Oil prices have widened their recent decline in response to this statement, and there is also a correlation with international benchmarks. brent crude oil It fell below the $90 per barrel market overnight.
Just five supply ships passed through the Strait of Hormuz on Tuesday, lower than the 10-day average of 15, according to preliminary data from Kpler. Before the Iran conflict, about one-fifth of the world’s oil flows typically flowed through the strait.
The Iran-Oman joint statement also said “technical negotiations” would continue “with a view to reaching an agreement on a permanent navigation corridor and future strait management, information sharing, traffic management, and related navigation and security service delivery mechanisms.”
Oil prices have fallen significantly this week.
Partly contributing to the pressure on oil prices in recent days, the United States has reportedly begun returning diplomats to Gulf states, suggesting that Washington does not anticipate military escalation at this time. Russia’s RIA Novosti news agency also reported late on Tuesday, citing Iranian and Pakistani sources, that the United States and Iran would announce a new ceasefire agreement in the coming days, including freedom of navigation through Hormuz. However, this cannot be independently verified and the White House did not respond to MS Now’s request for comment.
This comes after Treasury Secretary Scott Bessent promised on Monday to launch an “economic D-day” against the Iranian regime, threatening to target Iran’s “enablers” and trading partners in efforts to squeeze Iran’s economy. This included a list of 60 individuals, organizations, and vessels.
However, the United States has so far refrained from imposing significant secondary sanctions against other countries. This includes Chinese financial companies suspected of facilitating Iran’s oil trade.
“Why would I want to blow up the global financial system? We believe in setting the bar and giving people a healing period, but people should know that it moves very quickly and that we are serious,” Bessent said on Monday.
China, which buys about 90% of Iran’s oil, threatened on Tuesday to retaliate if the United States chooses to increase economic pressure on countries that trade with Iran.
A Chinese Foreign Ministry spokesperson said on Tuesday that China would “take all necessary measures to firmly protect its rights and interests.”
