US Iran War Update: Iran & Oman Launch Committee On Strait of Hormuz, Oil Prices Retreat

Iran and Oman have set up a joint committee to talk about issues concerning the Strait of Hormuz, as the negotiations between Washington and Tehran show signs of progress and oil prices have dropped sharply.

Iran & Oman Set Up Join Committee To Discuss Straight of Hormuz

The initiative was announced by Iranian Parliament Speaker Mohammad Bagher Ghalibaf after his Iranian delegation visited Muscat. “Iran and Oman formed a joint committee to discuss the Strait of Hormuz, with more details to be provided in a joint statement to be released,” Ghalibaf said.

It comes amid reports of positive progress in talks between the United States and Iran. Over the past few years, diplomatic negotiations have raised hopes for easing tensions in the strategically significant waterway, which is vital for energy supplies around the world.

U.S. President Donald Trump commented in his post on Truth Social about oil continuing to flow through the passage. “19 Millions Barrels of Oil flowed out of the Hormuz Strait yesterday, an all time RECORD,” Trump wrote. He added that “Oil prices are tumbling down, and the World is a much safer place.”

For context, oil prices continued responding to the positive geopolitical outlook. In the last month, crude has dropped by over 21%, with oil trading at around $73.86 on the backdrop of reduced worries over possible supply disruptions.

Trump On Nuclear Negotiations

Tehran has signed up to extensive nuclear monitoring measures as part of ongoing talks, Trump also said. “Iran has fully and completely agreed to highest level Nuclear inspections long into the future,” he stated. Moreover, Trump described the arrangement as ensuring “Nuclear Honesty.”

The president also said he would not go ahead with the plan to blockade the Strait of Hormuz. “I have agreed to allow the Hormuz Strait to remain OPEN, with no further Naval Blockade,” Trump wrote. But he added that U.S. ships would stay in the area if conditions altered.

He added that any sanctions relief negotiated would go into U.S.-controlled escrow accounts for humanitarian purchases, such as food and agricultural products from American farmers.