Key facts
- Oman and Iran discussed regional developments and efforts to ensure safe navigation through the Strait of Hormuz.
- The talks were held on the sidelines of the United Nations General Assembly in New York.
- Diplomatic efforts to ease regional tensions, build trust, and address outstanding issues were discussed.
- Iran and Oman have agreed on a temporary maritime route for ships travelling through the Strait of Hormuz.
- The Strait of Hormuz is a vital route for global energy supplies, with over 20% of global oil and LNG shipments passing through it before the recent conflict.
- An oil tanker was disabled by an unidentified projectile near the strait's entrance on Tuesday.
Oman and Iran have discussed regional developments and efforts to ensure safe navigation through the Strait of Hormuz, according to Oman's foreign ministry. The meetings, held on the sidelines of the United Nations General Assembly in New York, focused on diplomatic efforts to ease regional tensions, build trust, and address outstanding issues.
Iran's Deputy Foreign Minister Kazem Gharibabadi announced that Iran and Oman have agreed on a temporary maritime route for ships travelling through the Strait of Hormuz. However, he warned that the waterway would not fully reopen until the United States fulfills its commitments under an interim peace deal signed in June, which has since lapsed. The US-Israel war on Iran, which began with strikes on Tehran on February 28, has effectively closed the Strait of Hormuz to shipping, sending global energy markets into crisis. The narrow waterway, through which one-fifth of global oil and natural gas supplies from Gulf producers are shipped in peacetime, has become a major point of contention between Washington and Tehran.
Before the war, more than 20 percent of global oil and liquefied natural gas (LNG) shipments from regional producers passed through the strait. Following attacks on Tehran, Iran closed the strait in early March, allowing only a few "friendly" ships to pass. In April, Iran’s Islamic Revolutionary Guard Corps (IRGC) issued a route map that routed traffic much closer to the Iranian coast and designated a large section of Omani territorial waters as "restricted". The US has previously accused Iran of placing mines in the strait.
The war and ensuing regional tensions resulted in global energy shortages, especially in Asia, and crude prices soared. Brent crude prices surged past $100 on several occasions, reaching almost $120 a barrel in March. On June 17, a memorandum of understanding (MoU) was signed between the US and Iran agreeing to a ceasefire for 60 days, during which Iran agreed to keep the strait open for all traffic free of charge. However, disagreements over routes led to the waterway fracturing into two disputed routes.
On Tuesday, an oil tanker was disabled by an unidentified projectile close to Oman’s Ash Shishah, near the strait’s entrance, the United Kingdom’s Maritime Trade Operations (UKMTO) said.