Oil Prices Drop as Iran and Oman Negotiate Temporary Deal for Strait of Hormuz Shipping
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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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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:
ZeroHedgeBrent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz.
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Iran and Oman are approaching a deal to secure safe transit through the Strait of Hormuz and future administration of the vital economic artery.
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ZeroHedgeAn IRGC spokesman has announced Wednesday that Iran and Oman have reached agreements on their share of the Strait of Hormuz and its revenues, according toTasnim news agency. So essentially the "fee" scheme has been set. There's talk of reopening the strait on an "interim" basis, Bloomberg says.
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
FortuneIran 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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Earlier, Oman's state news agency reported that Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi discussed an "interim framework" establishing a temporary joint shipping corridor.
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CNBCThe Gulf nations said in a joint statement on Tuesday that their respective foreign ministers had discussed a "proposed framework" to establish "a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines."
Fortune“The two ministers discussed a phased framework that could provide a practical and implementable basis for moving forward, in light of the current situation in the Strait resulting from the recent war and its tragic repercussions. The proposed framework includes the establishment of a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines.” “Technical negotiations between the two sides would continue with a view to agreeing on a permanent navigational corridor and future administration of the Strait, as well as a mechanism for information-sharing, traffic management, and the provision of relevant navigational and security services.”
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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
5 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 MarketWatch Futures Movers Oil prices extend slide as Iran and Oman eye temporary Hormuz deal
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02 CNBC Oil prices have extended recent losses in response to the statement, with international benchmark Brent Crude falling below the $90 per barrel market overnight.
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03 Fortune The top diplomats of the two countries met to discuss managing commercial shipping traffic in the vital waterway, which remains largely shut down nearly six months after the Iran war began.
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04 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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05 ZeroHedge Tehran is still insisting on the United States lifting its naval blockade of the country's ports. However, it seems that for now at least Tehran is open to some level of negotiations, or at least seems content to see where this current period of rare calm leads.
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Sources (5)
- ft
- cnbc
- marketwatch
- fortune
- zerohedge