Oman and Iran engage in discussions about Hormuz administration
Oman and Iran have engaged in discussions regarding the administrative framework for the Strait of Hormuz.
IMAGE: Strait of Hormuz. Getty Images
A working group between the two foreign ministries will be formed to continue the discussions on the future administration of navigation in the Strait of Hormuz, focusing on the management and associated costs of maritime services via the strategic waterway, the two countries said in a joint statement.
Oman and Iran, the strait’s two major littoral states, underscored their commitment to upholding international law for safe passage while maintaining full sovereignty over their territorial waters.
“All arrangements related to the Strait of Hormuz must fully respect the sovereignty and sovereign rights of the two Coastal States of the Strait,” the joint statement read.
Since the onset of the US-Iran conflict, the Strait of Hormuz has remained largely closed to commercial traffic, first due to Iran’s de facto closure, and subsequently by a US blockade.
However, the outlook is improving following a temporary peace accord between Washington and Tehran, which paves the way for the reopening of a critical artery that once accounted for one-fifth of global daily seaborne oil shipments.
US President Donald Trump claimed yesterday that 19 million bbls of oil flowed out of the strait on Monday – marking an all-time high record since February.
“Oil prices are tumbling down, and the World is a much safer place,” Trump wrote on social media platform Truth Social.
Tehran’s diplomatic coup
Iran and the US have allegedly reached a deal under which Washington will release $12 billion in frozen Iranian assets, Al Jazeera reported, citing Iran’s top negotiator Mohammad Bagher Ghalibaf.
The statement comes shortly after a successful first round of talks in Switzerland earlier this week.
Additionally, the US Department of Treasury (DoT) issued a temporary general license allowing the production, delivery, and sale of Iranian-origin crude oil and petrochemical products through 21 August.
“Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran,” Iran’s foreign minister Seyed Abbas Araghchi wrote on social media platform X.
Meanwhile, the US Senate delivered a blow to the White House by passing a bipartisan resolution requiring President Trump to halt unauthorised military operations against Iran. The 50-48 vote represents a historic use of congressional power to order a military drawdown from the region.
“The U.S. Senate decides to have a poorly timed and meaningless War Powers Act Vote,” Trump wrote on Truth Social.
By Aparupa Mazumder
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