Status of negotiations regarding the Strait of Hormuz

Iran and Oman are reportedly close to finalizing a deal to establish a temporary shipping corridor through the Strait of Hormuz, a critical maritime passage for global oil transit. Under the proposed model, incoming ships would travel near the Iranian coast, while outbound vessels would use a lane closer to Oman. The maritime traffic has seen a sharp decline, with only 33 ships crossing the strait between August 3 and August 7, 2026, compared to 140 daily before the conflict. Iranian officials have linked the potential reopening to the lifting of U.S. blockades on Iranian ports and are demanding compensation for alleged violations of previous agreements.

Simultaneously, the Iranian parliament is reviewing a draft bill that could ban ships from 'hostile' nations, including the U.S. and Israel, from the strait, with potential fines reaching 20% of cargo value. While U.S. officials express optimism regarding progress, the Islamic Revolutionary Guard Corps insists that any reopening remains contingent on the U.S. accepting specific Iranian terms rather than being solely tied to negotiations with Muscat. Eight major shipping associations have formally requested that the UN oppose any implementation of transit fees, fearing a negative global precedent.