Iran and Oman reach understanding on temporary Hormuz shipping corridor

Iran and Oman reached an understanding on a temporary joint maritime corridor intended to allow commercial shipping to resume through the Strait of Hormuz, following several weeks of consultations between the two countries.

Why this matters. A functioning Hormuz corridor arrangement would directly affect the roughly 20% of global oil and LNG trade that transits the strait, which has seen shipping volumes fall to a fraction of pre-war levels.