The diplomatic progress toward reopening the Strait of Hormuz has hit a snag over the precise wording of the preliminary agreement between the United States and Iran.
The dispute now centers on whether clauses regarding future "services" and "costs" could be interpreted as disguised tolls, a concern that has drawn Oman into the fray as the three parties argue over the fine print.
This semantic battle threatens to delay the normalization of shipping routes that traders have been pricing in since reports of a preliminary deal emerged earlier this week.
The ambiguity leaves open the possibility that commercial traffic could face new financial burdens, undermining the core objective of restoring free flow through the chokepoint.
For energy markets, the uncertainty means that the risk premium embedded in freight rates and oil prices may persist longer than anticipated.
The disagreement comes just days after US sources indicated that the preliminary agreement paved the way for reopening the strait.