Iran, Oman Propose Joint Hormuz Shipping Lane and Mine Clearing as Oil Extends 2-Day Selloff
Updated
Updated · investinglive.com · Aug 25
Iran, Oman Propose Joint Hormuz Shipping Lane and Mine Clearing as Oil Extends 2-Day Selloff
3 articles · Updated · investinglive.com · Aug 25
Summary
Iran and Oman said they are proposing a temporary joint maritime corridor through the Strait of Hormuz, alongside a joint project to clear mines from the waterway.
The plan is framed as a phased response to restore safe navigation after the recent war, while preserving both countries' sovereignty and sovereign rights in the strait.
Technical talks will continue on a permanent navigation corridor, traffic-management and information-sharing mechanisms, and related navigational and security services.
Oil has been heavily sold for two days on speculation that progress toward a broader deal is further advanced than publicly announced, with Trump saying mines were already clear.
The joint statement also called for discussions with other Gulf littoral states and stressed adherence to international law, pointing to a wider regional framework for managing the strait.