Iran, Oman near deal to reopen Strait of Hormuz with both countries collecting ‘service fee’: report

Iran and Oman are nearing an agreement to fully reopen the Strait of Hormuz to shipping traffic, incorporating a service fee for security and environmental costs. The US Treasury Secretary stated a deal between Washington and Tehran could be reached today or tomorrow. Consequently, Brent crude prices fell by 4%. This potential agreement is expected to significantly influence global markets, shift geopolitical dynamics, and impact nuclear non-proliferation efforts as the strategic waterway returns to normal operations.