Iran war latest: Trump claims US sanctions will win war over Iran as oil prices sink
Iran and Oman have outlined a proposal to establish a temporary shipping corridor through the Strait of Hormuz after weeks of negotiations over the strategic waterway, which has become a key issue in stalled US-Iran discussions.
Temporary shipping channel: Iran and Oman discussed a “phased framework” for a joint project to create a temporary shipping route through the Strait of Hormuz. Oman’s foreign minister said he was “hopeful” the two countries would soon formalize the arrangement.
Mine-clearing effort: The proposal also includes a joint initiative to clear mines from the waterway. Technical negotiations are expected to continue as both countries work toward implementation.
Permanent solution still under discussion: Officials said talks will continue with the aim of reaching agreement on a permanent shipping corridor and the future administration of the strait.
A key shipping route could close: Iran said the proposed deal would close a UN-authorized southern shipping route along Oman’s coast, which Iran has opposed. Vessels would instead travel through Iranian waters in both directions, Iranian media reported. An Omani statement did not mention closing the current route.
Part of wider diplomacy: Qatar also discussed the proposal with Tehran and has publicly supported Omani-Iranian efforts to reach an agreement over the strait.
US position: President Donald Trump said earlier that all mines in the Strait of Hormuz have been removed or detonated and warned that any vessel attempting to place new mines would be destroyed. He also said the United States was monitoring “every square inch” of the waterway.
Oil prices fall: Global oil prices have fallen for three consecutive days after Iran and Oman announced the framework. Futures of Brent crude, a major global benchmark, declined 3% to trade at almost $86 a barrel early today, while West Texas Intermediate, the North American benchmark, dropped 2.8% to $80 a barrel. Analysts said traders largely remain in “wait-and-see mode.”
Why it matters: The Strait of Hormuz is one of the world’s most important energy chokepoints. The proposal is the clearest framework so far for restoring navigation after months of disruptions, but major questions remain about implementation, demining, international acceptance of a new route and whether Washington would consent to routing vessels through Iranian-controlled waters.