Iran and Oman strike revenue-sharing deal for Strait of Hormuz amid ongoing transit restrictions

Iran and Oman have reached a revenue-sharing agreement concerning the Strait of Hormuz, a critical waterway that previously handled roughly one-fifth of global oil and liquefied natural gas (LNG) trade before the conflict. The announcement came from Iran’s Revolutionary Guard Corps (IRGC) spokesman Hossein Mohebbi on August 26, 2026, who stated that agreements had been finalized regarding each country’s share of the strait’s waters and their respective portions of its revenues. However, the IRGC claimed that U.S. obstructionism was delaying progress, without providing further details. The IRGC’s remarks went beyond a joint statement issued by the foreign ministries of both countries on August 25, which only referenced discussions on an “interim framework” for resuming ship transits without confirming a final deal or mentioning revenue-sharing. Neither Iran nor Oman’s foreign ministries responded to requests for comment. Iranian officials emphasized that any normalization of traffic through the strait would depend on U.S. compliance with a June memorandum of understanding, including lifting sanctions, ending the naval blockade on Iranian ports, and unfreezing Iranian assets abroad—conditions the U.S. has not indicated it is prepared to meet. The Strait of Hormuz has remained largely closed since the U.S. and Israel launched a war against Iran on February 28, 2026, though some vessels continue to transit the waterway despite ongoing attacks. Iran had previously begun charging vessels transit fees in the early stages of the conflict, later rebranding them as service fees. Oman, however, has publicly opposed the imposition of transit fees in the strait while privately warning European officials that vessels might need to pay for related services. The revenue-sharing deal does not immediately reopen the waterway, which served as a vital chokepoint for global energy trade prior to the war.