Overview
- Iran, Oman and U.S. officials say shipping-lane coordinates for a temporary, narrow corridor are close to finalizing after weeks of talks to partly reopen the Strait of Hormuz.
- Tehran published a draft that would bar U.S. and Israeli vessels and allow fines up to 20% of cargo value while seeking transit fees, a proposal Washington publicly rejects.
- Explosions and reported strikes near Qeshm Island on Thursday night kept commercial traffic at single-digit daily transits and prevented any immediate return to normal shipping.
- Oil prices fell earlier in the week on hopes of a deal but then rose back into the low-$80s per barrel after Iran’s draft and the new security incidents, reflecting fragile market confidence.
- Major practical hurdles — U.S. sanctions, restricted insurance and payment mechanics — mean an announced corridor could be legally or financially unusable, keeping fuel supplies and import-dependent economies at risk.