Iran and Oman reach final stage of negotiations on Strait of Hormuz

On September 8, 2026, the Iranian Foreign Ministry announced that negotiations with Oman regarding the Strait of Hormuz have entered their final phase. Ministry spokesperson Esmail Baghaei stated that a formal agreement for a temporary secure maritime corridor through the strategic passage is expected to be reached within the coming days. The proposed framework may be registered and ratified by the International Maritime Organization (IMO) to ensure international oversight and compliance.

Baghaei expressed hope that unidentified "third parties" would refrain from interfering in the process. Following the announcement, global oil markets reacted with a decline in prices, as market participants anticipated reduced risks for tanker traffic. Brent crude oil, which had reached an intraday high of $97.93 per barrel, subsequently retreated to trade around $96.38 per barrel. The agreement is intended to stabilize the flow of commercial and energy shipments through this vital chokepoint, with further developments expected shortly.