Strait of Hormuz shipping talks continued between Iran and Oman, according to Iran’s Foreign Ministry, as both sides work on a framework to protect commercial vessel traffic.
The ministry said the talks focus on setting up safe transit routes for ships moving to and from the Strait. It added that the effort also aims to preserve regional stability. Meanwhile, Iran said it is working with Oman to balance safe navigation with the sovereignty and national security interests of both countries.
Strait of Hormuz Shipping Talks Progress
Iran’s spokesperson said the discussions have moved forward in a positive way at both the technical and political levels. Officials are also developing the tools needed to manage future shipping traffic under the proposed framework. However, the ministry did not give a date for a final deal.
The spokesperson said the negotiations are still in progress. Therefore, Iran plans to announce any final agreement and the details of the framework only after the talks end.
Oil Prices Fall During the Session
Crude oil prices were at $76.21, down $4.13, or 5.17%, according to the source report. Earlier in the day, prices touched a low of $75.16. Notably, the price also fell below its 200-day moving average of $75.93.
However, the report said prices later rotated back to the upside after that break below the moving average. The source did not provide further details on the timing of the move.
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Source: InvestingLive
