Iran, Oman near Strait of Hormuz deal with new agreed coordinates; but there is a catch

Iran and Oman are in the final stages of drafting a joint statement on a new commercial shipping arrangement through the Strait of Hormuz, Iranian officials said Wednesday.

Tehran however, warned that any agreement would not by itself guarantee safe navigation through the strategically vital waterway.

Foreign Ministry spokesperson Esmaeil Baqaei said Iran and Oman had agreed on the geographic coordinates for a navigation route through the strait after two months of negotiations and were now preparing a joint statement based on the understandings reached, according to state-run Islamic Republic News Agency (IRNA).

The talks have focused on establishing a safe commercial shipping route through the narrow waterway linking the Persian Gulf with the Gulf of Oman and the Indian Ocean.

Iranian authorities have been reviewing the proposal's technical, legal, security and environmental aspects, Baqaei said.

He added that the statement was in its final stages of drafting, “provided that certain third parties do not obstruct the process", in an apparent reference to the United States.

Baqaei stressed, however, that the bilateral understanding would not ensure safe navigation on its own, arguing that security in the strait remained tied to the US blockade and other actions by Washington and Israel against Iran.

He reiterated Tehran's position that the Strait of Hormuz was closed following US and Israeli military action against Iran.

Iranian Deputy Foreign Minister Kazem Gharibabadi said the emerging arrangement would mark a departure from the system that has governed commercial navigation through the strait for decades.

He said a significant portion of the shipping route would pass through Iran's territorial waters under the proposed framework, but stressed that it should not be viewed as a full reopening of the Strait of Hormuz.

Gharibabadi also said whether Iran would impose transit fees on vessels using the route would depend on decisions by the country's highest authorities as well as US conduct.

He added that Iran had received messages indicating Washington was prepared to "return to its commitments."

The comments came as prospects for the US-Iran peace deal remained uncertain.

US Vice President JD Vance said Wednesday that negotiations with Iran would take time.

"The Iranians are extraordinarily difficult people" with "a fractured system," Vance said in an interview with Fox News.

"Our job is to navigate through that and get the best outcome for the American people," he said, adding that the process "is going to be messy, and it's going to take some time."

Vance also said he expected oil prices to decline and remain lower, while reiterating that Iran would not be allowed to obtain a nuclear weapon.

US President Donald Trump, meanwhile, pushed back against reports that the country’s missile stockpiles had been significantly depleted.

“The U.S. has massive amounts of ‘munitions,’ especially of certain types. Additionally, large amounts are being manufactured and shipped to the U.S. as needed,” Trump posted on Truth Social in the early hours of Thursday.

“Defense companies are building the largest number of plants and factories in our country’s history. The “leakers” of these treasonous statements are being hunted down. Long term jail sentences will be sought!” he added.