Diplomatic efforts surrounding the Strait of Hormuz have shifted from broad principle toward operational detail, according to fresh reporting indicating that Iran and Oman have largely agreed on the outlines of a plan to reopen the critical waterway. The strait carries roughly one-fifth of global petroleum liquids consumption, making it the world's most important oil transit chokepoint. Discussions are now said to be focused on implementation and timing.

An Iranian source familiar with the talks told CBS News that under the current proposal, vessels entering the strait would use the channel closest to Iran, with Tehran coordinating inbound traffic. Departing vessels would use the Omani side, with Muscat managing outbound flows. The plan reportedly includes a service fee to be split between the two countries, giving each a financial stake in the arrangement's viability.

Separately, The Telegraph reports that Iran is weighing a proposal to charge European countries for the upkeep of the strait through a voluntary fund, financed by Gulf states and select European members of the International Maritime Organisation. Gulf and European sources said the fees would help cover the cost of navigation management, environmental protection, and search and rescue services in the waterway. The structure is said to be modelled on existing arrangements in the Strait of Malacca, where Indonesia, Malaysia, and Singapore request voluntary contributions from transiting vessels for similar services.

The proposed service fee and voluntary fund framework, drawing on the Strait of Malacca precedent, suggests a structure designed for durability rather than serving as a temporary measure. If finalised, it would formalise a revenue-sharing mechanism over one of the world's most strategically vital shipping lanes — a notable departure from the status quo in which the waterway has functioned as an open international transit route without a coordinated toll regime. However, the routing arrangement — with Iran controlling the inbound channel and Oman the outbound side — leaves room for friction if either side is perceived as gaining disproportionate control over shipping activity.

Goldman Sachs reiterated its outlook that Brent crude will likely trade within an $80 to $90 per barrel range until either a finalised US-Iran agreement is confirmed or attacks escalate significantly. This stance appears increasingly consistent with the direction suggested by the latest diplomatic reporting.

US Central Command confirmed that the southern route through the strait has remained free and open to all commercial vessels throughout the recent period of heightened headline risk. This affirmation underscores the view that disruption in recent days has been more a matter of perception than operational reality — a distinction traders are expected to continue weighing against headline-driven price moves observed this week.

The shift in market focus from whether a Hormuz deal will materialise to how it would be implemented signals that participants may begin pricing in a lower probability of prolonged disruption, reinforcing the risk premium unwind already in progress.

In a related regional development, a Saudi official denied that any talks are taking place between Saudi Arabia and the Houthis through mediators, according to Al Arabiya, pushing back on speculation about a separate diplomatic track.

Oil previously settled approximately 5% lower as Iran talks raised hopes for a Hormuz reopening. A private inventory survey also showed a headline crude oil build, contrary to expectations for a draw.

Taken together, the latest updates suggest the Hormuz situation is trending toward a negotiated framework rather than an open-ended standoff. Nevertheless, the gap between broad agreement on outlines and a finalised, implemented deal remains a meaningful source of uncertainty for markets in the days ahead.