Iran, Oman near deal on temporary safe route through Strait of Hormuz

  • Iran said it is nearing an agreement with Oman to manage shipping through the Strait of Hormuz.
  • Brent crude fell 0.1% to $96.15 a barrel after reaching $97.93.
  • The proposed understanding would document a temporary safe route with the International Maritime Organization.

Iran said it is days away from an agreement with Oman to manage shipping through the Strait of Hormuz, a crucial waterway through which tankers and other commercial vessels pass. The countries have negotiated for weeks, and the arrangement is in its final stages. It would set out a temporary safe route and be documented with the International Maritime Organization (UN shipping agency), Iran’s Foreign Ministry Spokesman Esmail Baghaei said Monday in Tehran. Brent crude fell 0.1% to $96.15 a barrel after trading as high as $97.93, suggesting some traders see the arrangement as potentially easing vessel traffic through the chokepoint. The report also said the US is unlikely to accept Iran having a role in deciding which ships can use the route.

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