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Iran, Oman Reach Temporary Security Shipping Arrangement for Hormuz; Intl Oil Prices Extend Losses by ~2%
2026-08-26 09:01:11 Iranian Deputy Foreign Minister Kazem Gharibabadi said Iran and Oman reached an agreement on shipping routes through the Strait of Hormuz. Routes entering the Persian Gulf will pass through Iranian waters, while routes leaving the Persian Gulf will pass through Omani and Iranian waters. No warships will be allowed to pass through the strait, and only commercial vessels will be permitted. Gharibabadi said the agreement does not mean the immediate reopening of Hormuz. The new arrangement is only a temporary measure, and the two countries will hold negotiations within 30-60 days on establishing a new permanent shipping route. If Iran's demands and conditions are not met, Hormuz will remain closed. International oil prices extended losses this morning (26th). Brent crude oil futures last dived 2.03% to USD86.78 per barrel, while New York crude oil futures also last dropped 1.82% to USD80.86 per barrel. ~ AASTOCKS Financial News Website: www.aastocks.com | |