Iran says it reached agreement with Oman on proposed Hormuz shipping route

Iran said the general framework of an agreement with Oman on a proposed shipping route through the Strait of Hormuz has been finalized, though Tehran added that implementation still requires approval at the highest decision-making levels and uncertainty remains over whether Washington will accept the arrangement. Iranian officials said the deal would create new shipping lanes allowing commercial vessels to enter the Persian Gulf through an Iranian-controlled route and leave through an outbound lane controlled by Oman. A U.S. official said any temporary routes would operate without impediments such as tolls or charges, underscoring the continuing gap between Tehran's vision for managing traffic and Washington's insistence that Hormuz remain an international waterway without restrictions. The update adds to a weeks-long pattern in which President Donald Trump and Treasury Secretary Scott Bessent have signaled that progress with Iran could come quickly, helping lift stocks and pressure oil, while no broader U.S.-Iran settlement has emerged. Trump said talks with Iran were "working out quite well" and that the U.S. and Iran "are talking," though he also repeated that military action remained possible. Iranian Foreign Ministry spokesperson Esmaeil Baqaei separately said Trump's claimed victory over Iran showed "no sign of materializing." Because the Strait of Hormuz handles a critical share of global oil flows, even a temporary shipping arrangement can influence crude prices and broader market sentiment. But with questions still unresolved over control, access and final approval, analysts have continued to warn that markets may be moving ahead of diplomacy.