Iran and Oman to jointly manage Strait of Hormuz shipping traffic

May 27, 2026, 12:23:43 PM UTC(7 hours ago)

Impact: High

Affected Assets

Iran and Oman have entered separate bilateral talks to establish a new joint procedure for managing ship passage through the strategic waterway
The Islamic Revolutionary Guard Corps reported that 25 vessels including oil tankers successfully transited the strait in a 24 hour period under naval security coordination
A memorandum of understanding framework developed on May 24 aims to de-mine the area and fully reopen the strait within a 60 day ceasefire extension
Global oil markets responded with Brent crude trading near 94 dollars as traders weigh the potential for a permanent end to the maritime blockade
Despite the coordination efforts the United States continues to maintain a counter-blockade on ships seeking to access Iranian ports

IRAN'S STATE TV: THE MANAGEMENT AND ROUTE OF SHIP TRAFFIC THROUGH STRAIT OF HORMUZ WILL BE HANDLED BY IRAN IN COOPERATION WITH OMAN