Iran-Oman Hormuz shipping deal talks

Iran and Oman are reportedly nearing an agreement on managing the Strait of Hormuz, having agreed on shipping routes through the strategic waterway. The deal, which would be an independent arrangement between the two states, aims to ensure safe transit of vessels while upholding their sovereignty. The US, which is not party to the negotiations, is unlikely to accept terms that do not restore free passage. The talks come amid ongoing attacks in Hormuz, through which a fifth of the world's oil and gas transited before the war. Brent crude rose nearly 6% this week as hopes for a quick resolution faded. The US is preparing new economic measures against Iran, with President Donald Trump threatening to declare the strait a US territory. Iranian Foreign Minister Abbas Araghchi said the agreement with Oman would not translate into the strait's reopening, and that Iran has not decided to resume negotiations with the US. Meanwhile, Israel continued strikes in Lebanon, killing at least nine people, threatening a US-brokered ceasefire.