Gulf energy shipping corridor – Bharat Pulse News

Iran has said it is close to reaching an agreement with Oman on a new shipping route through the Strait of Hormuz, potentially easing months of disruption to global energy supplies. Iran Oman Hormuz Deal Nears Completion Iranian Foreign Minister Abbas Araghchi said Tehran and Muscat were approaching an understanding on new navigation arrangements in the strategically important waterway. Iran and Oman control opposite sides of the narrow strait and have held political, technical and legal discussions over its future management. The proposed arrangement is intended to guarantee commercial navigation while recognising the sovereign rights of both countries. Iran has maintained that shipping conditions cannot simply return to those that existed before the conflict began. No final agreement, route coordinates or implementation date have been announced. Oman has also not independently confirmed that a deal has been completed. New Hormuz Shipping Route Proposed Previous negotiations examined alternative corridors through Iranian and Omani waters after established shipping lanes became inaccessible or unsafe because of military activity and possible sea mines. Iran had earlier rejected a southern route close to Oman’s coastline and proposed an alternative northern corridor nearer Iranian waters. Tehran has insisted that vessels must use authorised routes and coordinate their passage with the relevant maritime authorities. The two countries have also discussed the cost of providing navigation and security services. However, Oman previously clarified that no transit fee had been approved. Hormuz Agreement Could Restore Energy Trade The Strait of Hormuz normally carries about one-fifth of global oil and liquefied natural gas shipments. Restrictions imposed during the conflict sharply reduced tanker traffic, raised energy prices and left commercial vessels waiting inside the Gulf. Progress between Tehran and Muscat comes as the United States pursues negotiations with Iran over reopening the strait and limiting Iran’s nuclear programme. A functioning maritime agreement could restore energy shipments and reduce market uncertainty. Significant differences nevertheless remain over Iranian control, transit charges, sanctions and security guarantees for vessels using the route.

Iran, Oman Near New Hormuz Shipping Deal

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