Iran has confirmed that a bilateral agreement with Oman regarding the Strait of Hormuz is in its final stages, while President Donald Trump indicated a formal announcement could follow within days.
The development marks a significant shift in the diplomatic posture surrounding the critical waterway, which has been subject to blockade risks and heightened security concerns since earlier this year.
The prospect of a stabilized transit corridor is likely to ease the geopolitical risk premium embedded in global energy and shipping markets.
Brent crude and tanker freight rates, which have remained volatile due to fears of disruption in the chokepoint, may see downward pressure as traders adjust to the likelihood of normalized operations.
The market has already begun to price in de-escalation hopes, with safe-haven assets like gold seeing mixed reactions as risk sentiment improves.
This progress follows a series of technical talks between the U.S. and Iran in Doha, which previously ended without a breakthrough but kept the risk premium intact.