Iran says it has restarted talks with Oman on managing traffic through the Strait of Hormuz, as it faces intensified US economic pressure (Geo News).
The two countries said on Tuesday they had discussed “a joint temporary navigational corridor” through the strait, and agreed to clear it of mines.
Why this is the most consequential story in the region
The strait handled one-fifth of global oil and liquefied natural gas shipments before the war began in February. Most shipping has been shut down since.
That single fact sits underneath crude above $91 a barrel, and beneath the price of every litre of fuel sold in Pakistan.
Iran and Oman have been in on-and-off talks for weeks. A temporary corridor would be the first practical mechanism to move oil since the closure.
The claim and the reality
President Donald Trump said all mines in the strait had been cleared, repeating comments he has made before.
The passage remains perilous. An oil tanker was struck on Tuesday by an unidentified projectile and disabled about nine nautical miles north-east of Oman’s Ash Shishah.
Active hostilities between the US and Iran have largely subsided, but diplomatic efforts towards a peace deal have stalled.
Oil fell anyway
Prices fell despite the new US sanctions announced by Treasury Secretary Scott Bessent — a reaction that reflects the corridor talks and the return of US diplomatic staff to Middle East posts more than it reflects the sanctions themselves.
Pakistan’s stake
Field Marshal Asim Munir spent Monday in Tehran discussing precisely this: preventing escalation, reopening the strait, and an expedited end to the conflict.
The arrangement under which four Karachi refineries absorbed part of their margin to cut diesel by Rs32.63 was written to last only until the situation in the strait improves. Diesel has risen at each of the three reviews since.
