Iran and Oman Agree on Temporary Maritime Corridor in the Strait of Hormuz

Iran and Oman said in a joint statement on Aug. 25 (UTC+8) that Oman's Foreign Minister Bousaidi, during a working visit to Iran, held consultations with Iranian Foreign Minister Alireza Alaghchi on restoring safe navigation through the Strait of Hormuz while preserving each side's sovereignty and sovereign rights. The two sides cited recent conflicts and their "catastrophic consequences" as having changed conditions in the strait, and said they discussed a phased framework intended to be practical and implementable. The plan would establish a temporary joint maritime corridor through the Strait of Hormuz and launch a joint mine-clearing project. Technical talks will continue toward a permanent corridor, future management of the strait, and mechanisms to share traffic-management information and provide related maritime and security services. The statement also called for joint dialogue with countries bordering the Persian Gulf, and underscored adherence to applicable international law and respect for the sovereign rights of coastal states. Oil prices briefly fell on the news, with both WTI and Brent down about $0.80 at one point. WTI was last down 3.88% at $81.27 a barrel, while Brent slipped back below $87 a barrel, down 3.88% on the day. (Source: BlockBeats)