Deal to reopen Strait of Hormuz with Oman is getting close, Iran says

Iran and Oman are finalizing a deal to reopen and jointly manage the Strait of Hormuz. According to Iran's foreign minister, the agreement regarding proposed shipping lanes is in its final stages. Both the US and the Islamic Republic have indicated that a resolution is close. Consequently, oil prices have risen as the global market awaits the specific details of this agreement between the two nations to restore shipping access through the strategic waterway.