Iran and Oman agree revenue deal on Strait of Hormuz— Bloomberg

The Islamic Revolutionary Guard Corps (IRGC) stated that it reached a revenue-sharing agreement with Oman on the Strait of Hormuz, as Tehran and Washington’s standoff over control of the crucial waterway continues, Bloomberg reported on Wednesday.

“Agreements have been reached regarding each country’s share of the strait’s waters as well as Iran and Oman’s share of its revenues,” said IRGC’s spokesman Hossein Mohebbi.

The development go further than a joint statement issued by the two countries’ foreign ministries on Tuesday, which said they discussed an “interim framework” for resuming ship transits but stopped short of announcing an agreement and didn’t mention fees. Iran also warned that a re-opening of the critical waterway will take more than a deal with Oman.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 0.72% on the day at $81.32.