Iran and Oman reach Hormuz shipping agreement as oil prices climb

Tehran and Muscat have reached a preliminary agreement on a shipping transit plan for the Strait of Hormuz, Iranian officials confirmed on Monday, 17 August. The deal, which aims to regulate vessel movement through the vital energy corridor, comes as global oil prices continue to climb amid heightening regional tensions. Transit Map and Fee Waivers Iranian Foreign Affairs spokesperson Esmail Baghaei stated in Tehran that an understanding has been reached regarding the "map of the transit route." While specific details remain under finalisation, the framework suggests ships will enter the strait through a route close to Iran and exit via a route near Oman. During an interim period, vessels would reportedly transit without paying fees or tolls. The announcement coincides with the arrival of Sultan Haitham bin Tariq of Oman in the UAE on Monday, 17 August. UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received the Sultan to discuss bilateral ties and economic cooperation. The diplomatic movement occurs as a 60-day memorandum of understanding (MOU) between the United States and Iran, signed on 17 June, 2026, officially expired on Monday, 17 August, without securing a…