Iran says Strait of Hormuz shipping deal with Oman days away
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Iran said a deal with Oman to manage shipping through the Strait of Hormuz is days away, Foreign Ministry Spokesman Esmail Baghaei told reporters in Tehran on Monday. The agreement will include details on a temporary safe route through the crucial waterway and will be documented with the International Maritime Organization. Oil prices reversed gains on the news, with Brent crude down 0.1% to $96.15 a barrel.
Key Facts
- Iran's Foreign Ministry Spokesman Esmail Baghaei said the deal with Oman is in the final stages and will include a temporary safe route through the Strait of Hormuz.
- The agreement will be documented with the International Maritime Organization, a United Nations body responsible for shipping globally.
- Brent crude fell 0.1% to $96.15 a barrel after trading earlier at $97.93, reversing gains on the news.
- The two countries have been negotiating the agreement for weeks.
The Deal
Iran and Oman have been negotiating the agreement for weeks, and it is now in the final stages. Foreign Ministry Spokesman Esmail Baghaei described the arrangement as an "understanding" that will include details on a temporary safe route through the Strait of Hormuz. The deal will be documented with the International Maritime Organization, the United Nations body responsible for global shipping.
Market Reaction
Oil prices reversed gains after the announcement, with Brent crude down 0.1% to $96.15 a barrel. Brent had traded earlier in the day at $97.93. The price movement suggests some traders believe a deal will help get more tankers and other commercial vessels through the chokepoint.
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Time · lag behind first