Iran and Oman prepare Hormuz deal as U.S. holds back on secondary sanctions

Iranian Foreign Minister Abbas Araghchi (2nd L), Iranian parliament speaker Mohammad Bagher Ghalibaf (2nd R), and Omani Foreign Minister Badr bin Hamad Al Busaidi (R) walk inside a building in Muscat, Oman, on June 22, 2026. Hamed Malekpour | AFP | Getty ImagesIran and Oman are approaching a deal to secure safe transit through the Strait of Hormuz and future administration of the vital economic artery.The Gulf nations said in a joint statement on Tuesday that their respective foreign ministers had discussed a "proposed framework" to establish "a joint temporary navigational corridor through the Strait of Hormuz and an agreement to implement a joint project to clear the Strait of mines." Oil prices have extended recent losses in response to the statement, with international benchmark Brent Crude falling below the $90 per barrel market overnight. Just five commodity vessels transited the Strait of ‌Hormuz on Tuesday, below the ⁠10-day average of 15, according to preliminary data from Kpler. Roughly a fifth of global crude flows typically flowed through the Strait before the Iran conflict. The joint Iran-Oman statement also noted that "technical negotiations" would continue "with a vi...