Iran Says Oman-Brokered Deal on Hormuz Is in 'Final Stages'

Iran said an Oman-mediated agreement is in its "final stages" but that the United States must take steps before the Strait of Hormuz is reopened, according to reports carried Monday. The strait is the transit route for roughly a fifth of the world's seaborne oil and a large share of liquefied natural gas cargoes. Disruption there has kept freight and insurance costs elevated and left crude markets sensitive to each round of diplomatic signalling. Analysts are already mapping out what a reopening would mean, with attention focused on how quickly tanker traffic normalises, the pace at which war-risk premiums unwind, and whether shipowners resume routing through the strait without naval escorts. No timetable for an agreement has been announced.