Fars Reports Details of Iran-Oman Strait of Hormuz Agreement Under Review by Iranian Parliament
Iran’s Fars News Agency reported details of an agreement between Iran and Oman concerning the Strait of Hormuz. Iran’s parliament is reviewing the agreement. Under the agreement, U.S. and Israeli vessels would be barred from transiting the Strait of Hormuz. Countries that have caused harm to Iran would also be unable to obtain a “Strait of Hormuz transit permit.” Informed sources separately said the northern and southern shipping lanes in the Strait of Hormuz would be eliminated. All traffic would then be shifted to a central corridor, with Iran managing the entrance and Iran and Oman jointly managing the exit. At the time of the report, WTI crude had risen $0.73 a barrel in five minutes to $77.81 a barrel, while the emerging-market foreign-exchange index had given back its gains.
Under the agreement, U.S. and Israeli vessels would be barred from transiting the Strait of Hormuz. Countries that have caused harm to Iran would also be unable to obtain a “Strait of Hormuz transit permit.”
Informed sources separately said the northern and southern shipping lanes in the Strait of Hormuz would be eliminated. All traffic would then be shifted to a central corridor, with Iran managing the entrance and Iran and Oman jointly managing the exit.
At the time of the report, WTI crude had risen $0.73 a barrel in five minutes to $77.81 a barrel, while the emerging-market foreign-exchange index had given back its gains.