Iran and Oman prep Hormuz deal, U.S. holds off on secondary sanctions
Iran and Oman are nearing a deal to secure a temporary navigational corridor through the Strait of Hormuz and jointly clear mines, aiming to restore safe transit for oil shipments. Oil prices fell below $90 per barrel following the announcement, as only five commodity vessels crossed the strait on Tuesday, below the 10-day average of 15. The U.S. reportedly returned diplomats to Gulf states and may announce a ceasefire with Iran, including Hormuz shipping freedom, though unverified. Treasury Secretary Bessent threatened an “economic D-day” on Iran, but avoided major secondary sanctions, prompting China to warn of retaliation.
