Oil Prices Fall Amid Tensions Over Strait of Hormuz Deal
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Oil prices fell on Wednesday, extending a slide, after Iran and Oman said they discussed a temporary deal to resume shipping through the Strait of Hormuz.
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ZeroHedgeBrent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz.
FortuneThe price of Brent crude oil declined to $85 per barrel this morning after the official Oman News Agency reported that Iran and Oman had discussed a “proposed framework” that would eventually lead to a “permanent navigational corridor” through the Strait of Hormuz. Oman’s foreign minister, Sayyid Badr bin Hamad Al Busaidi, met his Iranian counterpart, Dr. Seyed Abbas Araghchi, yesterday, ONA reported:
Washington Times BusinessBrent crude, the international benchmark for oil, dipped significantly to $88 a barrel on Wednesday following news of progress in the Iran-Oman deal. But prices still remain far higher than prewar levels, with the price per barrel in February sitting near $70.
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Oman and Iran said the countries' foreign ministers discussed an agreement to reopen the Strait of Hormuz under a temporary framework.
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Financial TimesIran and Oman edge towards deal on Strait of Hormuz Interim proposal on managing shipping is first hint of diplomatic progress to reopen the waterway in weeks
Washington Times BusinessIran and Oman have held discussions for more than a month to hammer out a framework that would determine governance of the waterway, at least temporarily.
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Traffic into the Persian Gulf from the Gulf of Oman would pass entirely through Iranian waters, while the outbound route would pass partly through Iranian waters and partly through Oman’s territorial waters, he said.
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ZeroHedgeState television has indicated Iran and Oman agreed that the new transit corridor would enter through Iranian territorial waters, with part of the exit route also passing through them. The corridor will span roughly seven miles.
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A busy day in the Gulf of Oman, where there are at least fifteen sets of STS transfer sessions taking place. We count 25 million barrels of crude oil; plus some refined products. The oil originates from almost every country in the region, minus Iran.#OOTT #IranWar #Tankers pic.twitter.com/TAba26mJiW
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 ZeroHedge By Michael Every of Rabobank Brent oil is lower today at $86 on a bundle of news: US Secretary of State Rubio told allies strikes against Iran were off the table --for now -- and sanctions were on it; the US was reported to be returning some diplomats to Middle East embassies withdrawn over security fears; and Iran and Oman said they had discussed a Hormuz temporary corridor and mine-clearing – though Iran reiterated that the strait is still closed and just attacked another ship. There’s a Great Game afoot there, obviously.
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02 Financial Times Iran war approaching Ukraine-style stalemate, says shipping boss Freight rates remain at record highs while oil prices fall back on talks between Iran and Oman to reopen the Strait of Hormuz
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03 MarketWatch Futures Movers Oil prices extend slide as Iran and Oman eye temporary Hormuz deal
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04 Washington Times Business Iran’s Islamic Revolutionary Guard Corps again said the Strait of Hormuz will remain closed until the U.S. respects the terms of the Islamabad Memorandum of Understanding.
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05 Fortune Iran will not allow military vessels to transit through the Strait of Hormuz under an agreement the Islamic Republic is currently negotiating with Oman, Iran’s Deputy Foreign Minister told state TV late on Tuesday night.
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Sources (5)
- ft
- marketwatch
- fortune
- zerohedge
- washtimes-biz