In a statement released on Wednesday, an Iranian government spokesperson confirmed that the deal with Oman does not indicate that the strategic waterway is open. 'The agreement with Oman on routes through Hormuz does not mean that the strait is open,' the spokesperson said, without elaborating on the terms of the Omani agreement or providing a timeline for when transit might resume.
The closure, which began late last week, has sent shockwaves through global oil markets, with benchmark crude prices spiking more than 8% as traders assess the risk to supplies. The Strait of Hormuz handles roughly one-fifth of the world's daily oil consumption, making it a vital artery for the global economy.
Oman, which shares a maritime border with Iran at the mouth of the Gulf, had reportedly brokered a temporary arrangement to allow some vessels to bypass the closure using alternative routes. However, Tehran's latest comments suggest that even those routes are effectively closed, or that the agreement was narrowly limited to diplomatic or humanitarian vessels.
International shipping companies have halted transits through the strait, and insurance premiums for vessels in the region have skyrocketed. The U.S. Navy's Fifth Fleet, based in Bahrain, has increased patrols but has not directly challenged the closure, amid fears of escalation.
Analysts warn that the crisis could drag on, with Iran using the strait as leverage in broader negotiations over its nuclear program and sanctions relief. The situation remains fluid, with no clear path to de-escalation.