The Islamic Revolutionary Guard Corps (IRGC) has accused the United States (US) of obstructing a plan to reopen the safe shipping route in the Strait of Hormuz jointly drawn up by Iranian and Omani authorities. The IRGC has insisted that the strategic maritime route will remain completely closed if Washington refuses to accept the conditions put forward by Tehran.
A previous joint statement between Iran and Oman revealed a preliminary agreement on the framework for the establishment of a temporary shipping corridor and the implementation of a mine clearance mission. The bilateral agreement also includes the sharing of revenue from the administration of the strait and further technical negotiations for long-term maritime traffic control.
The regional diplomacy developments have led to a sharp decline in international crude oil prices, with the Brent benchmark falling below $90 a barrel to around $86.67. However, actual commercial activity in the route remains lackluster with only five ships recorded passing through on Tuesday, according to Kpler data.
Oil market sentiment was also affected by the return of US diplomats. to Gulf countries and reports of a potential new ceasefire. The move signals to investors that the risk of a large-scale military clash between Washington and Tehran is receding.
On the international sanctions front, U.S. Treasury Secretary Scott Bessent delayed the implementation of secondary sanctions on Iran's trading partners, including China, to avoid destabilizing the global financial system. Beijing, which imports about 90% of Iran's crude oil, has vowed to take strong countermeasures if its interests are targeted.
