Iran Claims to Be in ‘Final Stages’ of Deal with Oman to Control Strait of Hormuz

Iranian Foreign Ministry spokesman Esmail Baqaei said on Wednesday that Iran and Oman have reached the “final stages” of a deal for mutual control of the Strait of Hormuz after two months of negotiations.

An Iran-Oman deal to partially reopen the Strait of Hormuz is in the final stages, with an understanding in principle reached on almost all issues, including maritime traffic entry and exit routes. Bloomberg News Reporter Dan Williams discusses the latest developments from conflict in the Middle East. (Source: Bloomber

Open this photo in gallery:Vessels in the Strait of Hormuz, as seen from Musandam, Oman on Monday.Stringer/ReutersIran’s Foreign Ministry spokesperson, Esmail Baghaei, has said an agreement on the Strait of Hormuz with Oman, which lies on the other side of the waterway, is in the “final stage” of drafting. Speaking Wed

The countries are finalizing an agreed route for shipping in case the strait reopens.

Neither the US or Oman have commented on the proposed agreement on the vital waterway.

Iran and Oman are in the final stages of a joint agreement to manage commercial shipping in the Strait of Hormuz, the Iranian foreign ministry said.

The geographical coordinates of the route in the waterway have been agreed upon with Oman, according to Tehran.

Trump's latest remarks signaling again that a deal with Iran to reopen the Hormuz Strait is close at hand drove oil prices lower and sent stocks soaring.