Iran and Oman are in the final stages of negotiating an agreement to reopen shipping traffic through the Strait of Hormuz, a development that would effectively formalize Tehran's control over the strategic waterway.
According to US and Iranian officials speaking to The New York Times, the proposed deal would grant Iran authority over areas that were designated as international waters prior to the conflict.
The agreement signals a potential shift in regional power dynamics, with Oman playing a key mediating role in the negotiations.
The prospect of restored transit through the Strait carries significant implications for global energy markets.
The waterway remains a critical artery for oil and gas shipments, and any formalization of Iranian control could alter risk premiums embedded in freight rates and energy prices.
While the deal aims to reduce immediate shipping disruptions, the long-term geopolitical ramifications of ceding control of international waters to Tehran remain a subject of intense scrutiny among Western policymakers and market participants.