Iran and Oman reach agreement on Strait of Hormuz: Brent crude falls below $86
The agreement between Iran and Oman regarding navigation safety and transit revenues in the Strait of Hormuz has triggered a sell-off in the oil market.
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Iran and Oman have reached an agreement on navigation safety and the sharing of transit revenues in the Strait of Hormuz, one of the most critical transit points for global energy trade. Expectations that tensions in the region may ease have led to a sharp decline in oil prices.
The October 2026 futures contract for ICE Brent crude oil lost 2.96 percent on a daily basis, falling to $85.96. With this, Brent crude has solidified its trajectory below the $90 level, which is monitored as a psychological threshold in the markets.
The discussions addressed the sharing of revenues generated from transits, as well as jurisdictional areas in the strait. It was reported that the parties also evaluated the establishment of a temporary joint navigation corridor to ensure the safe continuation of vessel traffic and the clearing of mines from the region.
It is stated that technical negotiations will continue on topics such as traffic management, information sharing, security services, and the operation of a permanent corridor planned for the future. The main expectation in the markets is that the agreement will gradually return energy shipments to normal.
However, vessel traffic in the strait has not yet reached pre-crisis levels. According to Kpler data, only 5 commodity ships passed through the Strait of Hormuz on Tuesday. It is noted that approximately 20 percent of global crude oil flow was provided through this route before the conflicts.
In addition to the Iran-Oman contacts, diplomatic activity in the region has also been effective in the decline of oil prices. The return of U.S. diplomats in the Gulf to their posts and the weakening of expectations for military tension have lowered the risk perception.
The Russian news agency RIA Novosti suggested that the U.S. and Iran would announce a ceasefire covering free vessel traffic in the Strait of Hormuz. However, no official statement has been made by the White House regarding this claim.
On the other hand, Washington's sanctions policy against Tehran continues. U.S. Treasury Secretary Scott Bessent announced a new sanctions package covering 60 individuals and entities linked to Iran. Markets will monitor both the impact of the sanctions and the speed at which commercial transits in Hormuz return to normal in the coming period.