Tehran has dismissed Oman’s proposal for joint management of the Strait of Hormuz, which has hindered Gulf trade for months. Oman had suggested a new arrangement to resolve the conflict over this crucial waterway, through which a significant portion of global oil and gas flows. However, Iranian officials deemed the proposal unfeasible, insisting that Iran must maintain control over inbound and parts of outbound routes.
Iran’s Revolutionary Guards (IRGC) reported they intercepted three oil tankers in the strait for taking an “unsafe and illegal route,” asserting their dominance over the waterway. In response to rising tensions, oil prices surged over $3 per barrel as U.S. and Saudi forces conducted strikes against Iran-backed groups in Iraq, citing drone attacks on Saudi oil facilities. Iran condemned these actions, warning that attributing such attacks to them would be a “major miscalculation.”
Oman’s plan aimed to create a cooperative framework akin to the Strait of Malacca, where ships pay voluntary fees for navigation and environmental protection. However, Iran’s insistence on exclusive control complicates any potential agreement. The situation remains tense, with recent military exchanges marking a resumption of hostilities after a brief lull.
