Oman has reported that positive discussions have been underway with Iran regarding an agreement to secure a shipping route through the Strait of Hormuz, even as Tehran cautioned that any deal would not result in an immediate reopening of the strategically vital waterway.

Both sides indicated on Saturday that discussions were advancing, though a timeline for finalizing any agreement remained uncertain. Oman's foreign ministry issued a warning against attacks on shipping that could obstruct progress. Oman has frequently served as a diplomatic intermediary between Iran and Western governments, leveraging its neutral posture and longstanding ties across the region.

Iranian Foreign Minister Abbas Araghchi described the talks as being in their final stages, but noted that reopening the strait remained "subject to other conditions."

Iran has effectively blockaded the waterway — through which approximately one-fifth of the world's oil and natural gas typically flows — since the United States and Israel began attacking the country in February. The strait is the sole maritime route between the Gulf and the open ocean, making it indispensable for energy exports from Saudi Arabia, the UAE, Kuwait, Iraq, and Qatar. Major Asian importers including China, Japan, South Korea, and India are heavily reliant on crude and LNG shipments transiting the chokepoint.

Recent negotiations have centered on a potential agreement between Iran and Oman to establish a new route through the strait. Both nations would share responsibility for the route, which is expected to facilitate the resumption of maritime traffic.

However, Araghchi stated that a full reopening of the heavily trafficked maritime corridor depended on the fulfillment of additional conditions, which he outlined only briefly. He indicated these conditions included Iran receiving compensation from the United States for what Tehran characterized as violations of a June agreement — a Memorandum of Understanding (MoU) — in which both sides pledged to cease hostilities and pursue negotiations to end the war. That accord collapsed rapidly, along with diplomatic engagement, as tit-for-tat attacks resumed within days of its signing.

Separately, Mohammad Baqer Zolqadr, Iran's security chief, told the semi-official Tasnim news agency that the Strait of Hormuz would not reopen until the United States "corrects" its behavior. He specified that Washington needed to address six Iranian demands, including ceasing threats against Iran, lifting its naval blockade of Iranian ports, and releasing Iran's frozen assets.

A separate blockade targeting Saudi Arabia's ports in the Red Sea has been maintained by Yemen's Iran-backed Houthis since 20 July, compounding the disruption to Gulf energy exports by closing off the other major maritime corridor for vessels exiting the region toward the Suez Canal and European markets.

Earlier in the week, US President Donald Trump stated that a deal with Iran "could be soon." Vice-President JD Vance struck a more cautious tone on Saturday, telling Fox News that substantial work remained despite ongoing progress.

"We're really in the middle of the game here," Vance said. "This thing is not over."

Vance added that "we're applying a whole host of tools — diplomatic, economic [and] military tools — to ensure that we get the best outcome for the American people."

He further claimed that the "same amount of oil" would flow from the Gulf as it did prior to the commencement of the US military operation on 28 February, though he declined to provide specifics.

"What we're really working through now is how you can actually set up a traffic scheme so that the ships can pass through safely," he added.

A significant point of contention between Tehran and Washington has been Iran's reported intention to impose transit fees on vessels passing through the strait. Reuters, citing an Iranian official, previously reported that Tehran was seeking fees amounting to between 5% and 7% of cargo value from vessels transiting the waterway. Vance sought to downplay those reports, stating: "The Iranians have told us they have no plans to toll the Strait of Hormuz."

Oman's warning against attacks on shipping coincided with a statement from the United Arab Emirates (UAE) on Saturday alleging that Iran had targeted a tanker affiliated with Adnoc, the UAE's state-owned oil company, as it transited the strait. The UAE's foreign ministry stated that a "hostile Iranian attack" had struck an Adnoc tanker "with a missile," adding that no casualties were reported.

Later on Saturday, the UK Maritime Trade Operations (UKMTO) agency reported a separate incident in which a ship was struck by "an unknown projectile" off the coast of Oman, resulting in "a fire that has been extinguished" with no casualties. It remains unclear whether the UKMTO report referred to the same vessel mentioned by the UAE.

Source: BBC