Iran Nears Landmark Maritime Agreement with Oman to Secure Strait of Hormuz Shipping Lanes

Iran announced on Monday that negotiations with the Sultanate of Oman regarding the establishment of a safe and temporary shipping lane through the Strait of Hormuz have entered their final stages, with an agreement anticipated in the coming days.

Iranian Foreign Ministry spokesperson Ismail Baghaei stated during his weekly press conference in Tehran that the talks have made "very good progress." He also expressed hope that "third parties" would not intervene to obstruct the finalization of the accord.

The upcoming agreement is designed to "organize a safe and temporary route for commercial vessels through the strait," the spokesperson explained, while also noting the possibility of formally registering the agreement with the International Maritime Organization.

Shipping Data Shows Significant Decline in Transits

Shipping data released on Monday revealed that the daily average of commodity vessels transiting the Strait of Hormuz dropped to just 10 over the past 10 days, marking the lowest level recorded since May following recent US and Iranian attacks on tankers.

Figures from the analytics platform Kpler indicated that the 10-day moving average stood at 10 vessels on Sunday, a decrease from more than 15 on Friday and approximately 13 on Saturday. Traffic hit a low point when only two ships transited the strait on Saturday, followed by six on Sunday, with the majority utilizing the Iranian route.

Additional data showed that a very large crude carrier (VLCC) and three bulk carriers laden with minerals, grain, or oilseeds entered the strait on Sunday. Meanwhile, information from the London Stock Exchange Group highlighted that a petroleum product tanker loaded at a Saudi port attempted to depart the strait but was ultimately forced to turn back. Furthermore, Kpler analytics confirmed that no VLCCs have successfully left the Strait of Hormuz since Wednesday.