Overview
- Iran and Oman have agreed on geographic coordinates for a temporary shipping corridor through the Strait of Hormuz, a development first reported on Thursday, but negotiators have not finalised the operational or legal terms.
- Iranian state media published an initial draft that would bar U.S. and Israeli vessels from the corridor and impose penalties of up to 20% of cargo value for violations while proposing transit fees for other ships.
- The United States says no agreement is in force and President Donald Trump has confirmed talks are ongoing without a finalized deal.
- New security incidents, including explosions near Qeshm and Houthi-claimed strikes on tankers, continue to threaten safe passage and mean the corridor would need demining, inspections and security guarantees before traffic can resume.
- Markets reacted to the uncertainty with Brent trading back above $80 a barrel, Gulf exports still about 40% below pre-war levels, and major implementation hurdles such as sanctions, insurance rules and payment arrangements keeping any reopening uncertain.