What is the significance of the Iran-Oman deal regarding the Strait of Hormuz, and how is it affecting oil prices?

The Iran-Oman deal—described as being in its 'final stages'—aims to establish a 'temporary safe route through Hormuz' and could tighten Tehran’s control over the Strait of Hormuz, a critical global oil transit chokepoint. This development, amid renewed Iran–US hostilities—including recent U.S. military strikes on Iranian tankers and Iranian warnings of attacks on ships near Oman—has heightened fears of disrupted energy flows, contributing to oil price gains: West Texas Intermediate rose to $92.64 a barrel and Brent crude settled at $97 a barrel, with oil futures having surged over 30% since the war began at the end of February.

How much oil is still moving through the Persian Gulf despite escalating regional tensions, and what tactics are tankers using to mitigate risk?

Despite heightened risks, approximately 8 million barrels per day of oil continue to leave the Persian Gulf on average, according to U.S. Energy Secretary Chris Wright. To avoid detection amid rising threats—including Iranian warnings of attacks near Oman—tankers are frequently switching off their transponders, a tactic that obscures their location and movement but also complicates maritime safety and monitoring.

Oil Extends Gains as Iran-Oman Hormuz Shipping Deal Nears Completion

Sep 7, 2026

Oil prices climbed above $92 per barrel as traders monitored an Iran-Oman agreement on Hormuz shipping routes amidst escalating regional tensions. Concurrent attacks on Saudi Aramco facilities have intensified fears of broader disruptions to global energy supplies.

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