Iran and Oman finalized agreements on managing and dividing revenues from the Strait of Hormuz, which normally carries roughly 20% of global oil and LNG shipments. Reached during Aug. 25-26 talks in Tehran, the framework proposes a temporary joint navigational corridor and coordinated mine-clearing operations over the next 30 to 60 days. Inbound vessels would use Iranian waters, while outbound traffic would pass through Omani waters, creating the basis for shared service-fee revenue. A spokesperson for Iran's Revolutionary Guards said the agreements cover both the "share of Hormuz and revenues," while the IRGC said annual fees could potentially reach billions of dollars if the system is fully implemented. The plan faces a major political hurdle because Iran wants the United States to fulfill commitments under a June 2026 memorandum of understanding, including lifting blockades. The MOU provided for a 60-day toll-free period that has expired or is nearing expiration. A partial reopening could ease supply uncertainty and price volatility for energy markets, while Western shipping companies and insurers may face sanctions-related complications linked to the IRGC's involvement. Asian importers, including China, Japan and South Korea, could benefit from improved access to Gulf oil and reduced reliance on more expensive alternative routes.