Revenue from the Strait of Hormuz to be Shared between Iran and Oman

Iran and Oman have agreed to share revenues generated from navigation through the Strait of Hormuz. This was announced by Hossein Mohebin, the official representative of the Islamic Revolution Guard Corps (IRGC).

The Iranian Foreign Ministry had previously reported on the creation of a temporary corridor for navigation through the Strait of Hormuz and joint mine clearance operations with Oman.

“During these negotiations, agreements were reached regarding the revenue shares for each party in the waters of the Strait, as well as those of Iran and Oman,” Mohebin stated. He added that the strait would remain closed until the United States accepts Iran's terms.

Tehran had previously announced that the opening of the Strait of Hormuz is contingent on the U.S. fulfilling provisions related to the cessation of hostilities, particularly concerning the lifting of the maritime blockade and the cessation of battles “on all fronts.”

The Strait of Hormuz holds strategic significance for the global energy market. Prior to the escalation of the situation, nearly one-fifth of global oil and liquefied natural gas supplies were transported through this strait. In recent days, the intensity of cargo transport through the Strait of Hormuz has significantly decreased, with only a few ships passing through, while large vessels transporting oil and gas are virtually not utilizing the strait.