Five months into the war... signs of an "imminent" agreement to open the Strait of Hormuz
A U.S. official said that progress made between Iran and the Sultanate of Oman could soon lead to the reopening of the Strait of Hormuz, potentially allowing the resumption of oil exports disrupted by the U.S.-Iran war. The official added, “There is progress between Oman and Iran regarding the strait, and we expect an agreement to be reached soon. Once an agreement is announced to allow unrestricted commercial shipping, the United States will lift the blockade on Iranian ports. As always, U.S. measures will remain in place depending on developments and will be linked to the extent to which Iran fulfills its commitments.”
Before the United States and Israel launched their war on Iran on February 28, approximately one out of every five barrels of oil consumed worldwide passed through the strait. Disruptions in oil shipments drove up energy prices and fueled inflation.
The Trump administration repeatedly indicated in recent weeks that an agreement to open the strait was imminent, before Iran denied holding any talks. It remained unclear whether the latest round of intensive negotiations would yield a more sustainable arrangement.
Iranian strikes on ships in the Strait of Hormuz coincided with an increase in Houthi attacks in Yemen, where the group targeted vessels at another key oil chokepoint on the opposite side of the Arabian Peninsula, between the Red Sea and the Gulf of Aden.
Abu Dhabi National Oil Company (ADNOC), one of the world’s largest energy producers, said on Friday that 15 of its ships were hit in attacks it described as unjustified while transiting the Strait of Hormuz since the conflict began. The company added that the attacks resulted in the death of one crew member and injuries to 20 others.
As concerns grew over the widening regional conflict, which saw Iranian missile fire reach Gulf oil exporters, Saudi Arabia, Pakistan, and Turkey signed a joint defense agreement in Mecca. The three countries stated in a joint announcement that the pact among three U.S. allies aims to enhance collective deterrence against aggression and stipulates that any armed attack against one of them will be considered an attack against all three.
