Oman has established two temporary shipping routes in the Strait of Hormuz, positioning them north and south of the existing main lane to facilitate the safe passage of vessels.
The Sultanate confirmed that it will not impose any tolls on traffic using these new corridors, aiming to maintain the flow of global energy supplies amid heightened regional tensions.
Brent crude fell sharply in early trading, breaking below $76 to reach its lowest level since late February.
The move comes as markets have already begun to price in reduced immediate disruption risk.
Brent crude fell sharply in early trading, breaking below $76 to reach its lowest level since late February.
The decline suggests traders are interpreting Oman’s proactive measures as a stabilizing factor, reducing the premium for shipping insurance and route uncertainty that has weighed on energy prices.
The temporary maritime corridors were coordinated with the International Maritime Organization (IMO) to ensure they align with global safety standards.