Iran has presented a proposal to Oman suggesting that the majority of maritime traffic through the Strait of Hormuz be rerouted into Iranian territorial waters as part of a temporary plan to reopen the chokepoint.
The suggestion marks a significant shift in Tehran's approach to the ongoing transit dispute, moving from outright blockage to a controlled, albeit highly restricted, flow of shipping.
The proposal comes as global markets remain on edge regarding energy supply disruptions.
While the offer of a temporary reopening could alleviate some immediate fears of a total shutdown, the requirement for vessels to navigate Iranian waters introduces substantial legal and security risks.
Insurers and shipping companies are likely to scrutinize the terms closely, as operating in Iranian territorial waters carries different liability profiles and potential for interception compared to international straits.
This development follows earlier reports that Iran submitted a draft memorandum to the United States proposing the immediate reopening of the Strait in exchange for a temporary lifting of American oil sanctions.