Iran-Oman Talks Aim to Reopen the Strait of Hormuz Amid Draft Restrictions

Iran’s state news agency Fars released a draft plan that would impose strict conditions on ship traffic through the Strait of Hormuz. Under the draft, U.S. and Israeli vessels would be barred, and any nation that has “harmed Iran” could be denied transit until compensation is paid. Violations would trigger penalties equal to 20 % of the cargo’s value. The proposal is under review by an Iranian parliamentary committee.

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Iran and Oman are reportedly negotiating an agreement that would route inbound traffic through Iranian waters and outbound traffic through Omani waters. The talks follow a memorandum of understanding signed on June 17, under which Tehran would allow commercial vessels to transit the strait free of charge for 60 days in exchange for the United States lifting its naval blockade of Iranian ships. A final deal had not been announced as of August 6, though Treasury Secretary Scott Bessent told CNBC a resolution could be reached by Wednesday.

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Crude oil prices rose sharply after the draft’s publication. Brent crude increased 3.6 % to $82.36 per barrel, while U.S. West Texas Intermediate climbed about 2.8 % to $77.30 per barrel. The surge follows an 8 % decline in oil prices earlier in the week.

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Gold also advanced, with spot prices reaching $4,261.98 per ounce on August 6—the highest level since June 18—and gaining 0.4 % that day. Traders are pricing a roughly 57 % chance of a Federal Reserve rate hike at the September meeting, down from 65 % the previous week.

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Treasury Secretary Scott Bessent said a deal to open the waterway could be finalized by Wednesday. U.S.

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• “A lot of money that was on the sidelines started coming back into gold yesterday with some technical levels being breached,” — Bob Haberkorn, senior market strategist

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• “The ceasefire and the potential for the Strait of Hormuz to open shipping lanes is bullish for gold because it suggests less inflation, lower oil prices and easier monetary policies from the Federal Reserve and other central banks,” — Jim Wyckoff, a market analyst at American Gold Exchange

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If an interim agreement is announced, the reopening of the strait could ease oil-price pressures and support further gains in gold, which analysts link to lower inflation expectations and more accommodative monetary policy. The situation remains fluid, with the final terms of the draft plan and any compensation mechanisms still under negotiation.

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