Oil Extends Gain as Iran Says Hormuz Deal With Oman Is Close

Live updates

1. 6d ago

   Oil Rises Toward $100 as Iran Claims Hormuz Deal

   Crude oil prices are extending gains, trading near $100 per barrel, as Iranian officials claim a shipping and corridor agreement with Oman regarding the Strait of Hormuz is fast approaching. The Iranian Foreign Minister informed his Japanese counterpart that significant progress has been achieved on the maritime route. Meanwhile, Iranian members of parliament have received briefings concerning the Oman deal and broader regional issues. Iran reportedly plans to allocate revenues generated from the Hormuz corridor toward defense and food supplies amid an escalating tanker conflict involving the United States.

   Why it matters

   The Strait of Hormuz serves as a critical global energy choke point, making any potential toll or fee arrangement vital for international shipping markets. Escalating tensions between Iran and the United States have heightened volatility across energy sectors, pushing prices near the $100 threshold. Negotiating transit fees and shipping corridors through regional partners like Oman carries significant geopolitical and economic implications.

   What is confirmed

   • Oil prices are extending gains, with crude trading near $100.
   • Iranian officials report that a deal with Oman regarding the Strait of Hormuz is close.
   • The Iranian Foreign Minister told his Japanese counterpart that significant progress has been made on the shipping route.
   • Iranian MPs have been briefed on the Hormuz and Oman deal.

   Still unconfirmed

   • Oman has quietly rejected Iran's pitch for Strait of Hormuz fees despite claims of a deal from the Islamic Revolutionary Guard Corps.
   • Iran plans to direct Hormuz revenues toward food and defense.

   What to watch next

   • Official statements or confirmations from Omani authorities regarding the alleged shipping deal.
   • Further market reactions as crude prices hover near the $100 per barrel mark.
   Sources used for this update (10)

   1. New York Post — Oman quietly rejects Iran’s pitch for Strait of Hormuz fees — despite IRGC claim of deal
   2. Yahoo Finance — Oil Extends Gain as Iran Says Hormuz Deal With Oman Is Close
   3. Bloomberg.com — Oil Near $100 as Iran Says Hormuz Deal With Oman Is Close
   4. Lloyd's List — Iran proposes Hormuz shipping corridor as tanker war with US escalates
   5. Yahoo Finance — Iran Says Strait of Hormuz Deal With Oman Just Days Away
   6. Iran International — Could Hormuz offer a way out of the US-Iran war?
   7. تسنیم — Iranian MPs Briefed on Hormuz, Oman Deal, Regional Issues
   8. Newsquawk — Iranian Foreign Minister tells his Japanese counterpart that “significant progress” has been made on the Strait of Hormuz shipping route, SNN reports
   9. Bloomberg.com — Watch Oil Extends Gain, Iran Says Deal With Oman Is Close
   10. Caspian Post — Iran Plans to Direct Hormuz Revenues to Food, Defense
   confidence 90%