Iran and Oman Edge Closer to Hormuz Deal Even as a Gulf Tanker Comes Under Missile Attack

Iran's government signalled on Saturday that it is nearing a deal with Oman to restore limited shipping traffic through the Strait of Hormuz, even as a fresh missile attack on a tanker in the same waterway underlined how fragile the surrounding truce still is.

Araghchi Says Deal Is "Very Close"

Foreign Minister Abbas Araghchi told reporters that the arrangement being worked out with Muscat was close to finalisation, but cautioned that a full reopening of the strait remains contingent on Washington honouring commitments Tehran says it made under a memorandum of understanding signed in June. Iran has accused the United States of undermining that understanding by backing a southern shipping route through Omani waters without coordinating with Tehran, continuing to support Israeli operations in Lebanon, and refusing to release Iranian funds frozen abroad under sanctions.

Under the emerging framework, inbound vessels would travel through a northern lane inside Iranian territorial waters, while outbound traffic would use a southern lane in Omani waters coordinated with Iran. Reports citing US media suggest the interim arrangement is being designed to run for roughly 60 days, with room for extension, and separately touches on naval mine clearance in a central corridor, passage rules for military vessels, and a possible fee system for ships transiting the strait.

A spokesperson for Iran's Islamic Revolutionary Guard Corps struck a firmer tone, insisting that any reopening of the strait follows its own separate mechanism unconnected to the Oman talks, and warning Washington against trying to influence the negotiations. Iran's parliament had already indicated a day earlier that the broad framework with Oman was agreed in principle and awaiting sign-off from senior leadership.

A Tanker Comes Under Fire

Even as the diplomatic track advanced, the security picture in the Gulf remained volatile. The United Arab Emirates said a vessel linked to state-run Abu Dhabi National Oil Company was struck by a missile while transiting the Strait of Hormuz on Saturday, though no casualties were reported. Abu Dhabi's foreign ministry condemned the strike, describing attacks on commercial shipping as acts of piracy that threaten regional stability and global energy security, and pointed to Iran's Revolutionary Guard as responsible.

The incident came against a backdrop of continued disruption in nearby waterways. Yemen's Houthi movement, aligned with Iran, has kept up pressure on shipping in the Red Sea and the Bab al-Mandeb Strait, striking areas in Saudi Arabia and clashing with Saudi-backed forces in Yemen in recent days. Traffic through both chokepoints has only partially recovered from a sharp drop earlier in the week, with some vessels reportedly switching off tracking transponders to avoid being targeted.

Markets Read It as Good News

Despite the attack, financial markets leaned toward optimism. Brent crude held around $83 a barrel, and inside Iran, Saturday's reaction was notably positive: the rial firmed against the US dollar, clawing back some of the record lows hit the previous week, while the Tehran Stock Exchange's benchmark index rose by roughly 2% to trade near an all-time high.

The strait, through which about a fifth of the world's oil supply typically flows, has seen only intermittent traffic since it was effectively shut down following the US and Israeli strikes on Iran in late February. A durable resolution would still need to address thornier questions, including the fate of Iran's nuclear programme and the broader sanctions regime, which continue to weigh on the country's economy.

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