Iran and Oman Agree Temporary Navigation Corridor Through Strait of Hormuz; Oil Slides on De-Escalation Hopes

Iran's Deputy Foreign Minister Kazem Gharibabadi announced that Iran and Oman have agreed on a temporary joint navigational corridor through the Strait of Hormuz, roughly 7 miles (11.3km) wide, with the entry point and part of the exit route running through Iranian territorial waters; the two sides also agreed to a joint mine-clearing project along the route. An IRGC spokesperson said 'agreements have been reached on the share of each country in the waters of the strait and the share of Iran and Oman in its revenues,' while Iranian army spokesperson Mohammad Akraminia said vessels will still require Iranian permission before transiting and will be subject to surveillance. Omani Foreign Minister Badr Albusaidi, who traveled to Tehran for the talks with FM Abbas Araghchi, said he was 'hopeful we will soon announce a temporary corridor for the Strait of Hormuz and practical arrangements to restore safe navigation'; the two sides agreed to continue technical negotiations over 30-60 days toward a permanent navigation corridor. Gharibabadi cautioned this is only a preliminary, temporary arrangement — full reopening still requires the US to fulfill its June memorandum commitments, including lifting sanctions and releasing frozen Iranian assets. President Pezeshkian said Tehran's approach is 'understanding and resolving issues through interaction and negotiation, but at the same time, we have stood and will continue to stand firmly against economic pressure,' adding the US would 'gain nothing' from economic measures. Trump said the strait remains 'functioning' and predicted a 'big victory' in the region. Brent crude fell to roughly $86/bbl — a two-week low — and WTI to about $80/bbl on the de-escalation signal, reversing much of the past two weeks' rally.