{"id":63860,"date":"2026-06-27T11:38:12","date_gmt":"2026-06-27T15:38:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/iran-and-oman-move-to-jointly-manage-strait-of-hormuz-amid-rising-maritime-tensions\/63860\/"},"modified":"2026-06-27T11:38:12","modified_gmt":"2026-06-27T15:38:12","slug":"iran-and-oman-move-to-jointly-manage-strait-of-hormuz-amid-rising-maritime-tensions","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/iran-and-oman-move-to-jointly-manage-strait-of-hormuz-amid-rising-maritime-tensions\/63860\/","title":{"rendered":"Iran and Oman Move to Jointly Manage Strait of Hormuz Amid Rising Maritime Tensions"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Iran and Oman have established a joint working group<\/strong> to determine a framework for the future administration of navigation and maritime services in the <strong>Strait of Hormuz<\/strong>, a waterway responsible for <strong>20% of global oil and LNG supply<\/strong>.<\/li>\n<li><strong>The Islamic Revolutionary Guard Corps (IRGC)<\/strong> issued a stern warning on Saturday, demanding all commercial vessels coordinate with Iranian authorities and use &quot;approved&quot; routes, following a series of military exchanges with the <strong>United States<\/strong>.<\/li>\n<li><strong><a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">Oil prices<\/a> fell more than 3%<\/strong> on Friday, with Brent crude hovering around <strong>$75 per barrel<\/strong>, as markets weighed the fragility of a recent U.S.-Iran peace memorandum against the resumption of crude loadings by Saudi Aramco (<a href=\"\/stock\/2222.SR\">2222.SR<\/a>).<\/li>\n<li><strong>A Singapore-flagged vessel, the Ever Lovely<\/strong>, was struck by an unidentified projectile on Thursday while transiting Omani-approved waters, highlighting the immediate risks to maritime traffic despite ongoing diplomatic talks.<\/li>\n<\/ul>\n<p>The Iranian government announced on Saturday its determination to proceed with a new management framework for the <strong>Strait of Hormuz<\/strong>, emphasizing close coordination with the <strong>Sultanate of Oman<\/strong>. This development follows a joint statement issued in Muscat where both nations reaffirmed their sovereignty over territorial waters while committing to &quot;international standards&quot; for maritime services. Iranian Foreign Minister <strong>Abbas Araghchi<\/strong> confirmed that the two countries are establishing a joint working group to define future administration and the &quot;costs associated&quot; with these services.<\/p>\n<p>The move toward a regional management system has sparked significant friction with Western powers and neighboring Gulf states. While Oman has signaled support for &quot;toll-free safe passage,&quot; Tehran has differentiated between illegal &quot;tolls&quot; and &quot;service fees&quot; or &quot;insurance&quot; costs. <strong>U.S. Secretary of State Marco Rubio<\/strong> and several <strong>GCC<\/strong> ministers have already rejected any attempt to impose transit fees, labeling such measures as a violation of the <strong>UN Convention on the Law of the Sea<\/strong>.<\/p>\n<p>On the ground, the situation remains volatile as the <strong>IRGC<\/strong> reasserts its role as the primary regulator of the waterway. On Saturday, Iranian state media reported that the <strong>Revolutionary Guards<\/strong> struck U.S. military targets in response to earlier American strikes on Iranian missile and drone storage sites. These escalations come just one week after a <strong>Memorandum of Understanding (MoU)<\/strong> was signed in Switzerland, intended to restore normal marine traffic and provide a foundation for a permanent peace deal.<\/p>\n<p>Market analysts are closely monitoring the impact on global energy flows as <strong>Saudi Aramco (<a href=\"\/stock\/2222.SR\">2222.SR<\/a>)<\/strong> recently resumed crude loadings at its <strong>Ras Tanura<\/strong> terminal for the first time in four months. Despite the drop in oil prices to near-pre-war levels, the <strong>Joint Maritime Information Center (JMIC)<\/strong> raised the threat level in the strait to &quot;substantial&quot; following the attack on the <em>Ever Lovely<\/em>. Shipping companies are currently navigating a complex landscape of competing transit routes, with Iran threatening to suspend designated parallel routes that do not coordinate with its authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Iran and Oman have established a joint working group to determine a framework for the future administration of 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