Iran and Oman finalise new Strait of Hormuz shipping route

Iran and Oman are finalizing a temporary shipping route through the Strait of Hormuz, with the proposal including joint maritime management and enhanced vessel oversight.

The new framework would impose service fees instead of transit tolls, as confirmed by Iranian Foreign Ministry spokesperson Esmaeil Baghaei.

The Strait of Hormuz carries around 20% of global petroleum and 25% of global LNG shipments.

The route is being discussed after the Iran-US conflict disrupted shipping, and Iran denies negotiations with the US, focusing only on Oman.

Iranian Foreign Minister Abbas Araghchi said discussions with Oman are 'on the way to being finalised', aiming to ensure safe navigation while respecting both countries' sovereignty.