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Iran and Oman Agree to Share Strait of Hormuz Revenue

8/29/2026

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Summary

Story summary

Iran and Oman agreed to share control and revenue of the Strait of Hormuz.
IRGC spokesman Hossein Mohebbi said the deal defines each nation’s water share and revenue split.
Omani Foreign Minister Sayyid Badr al-Busaidi met Iranian Foreign Minister Abbas Araghchi in Tehran to discuss the interim deal.
U.S. President Donald Trump claimed mines were removed and about 10 million barrels of oil passed through Strait the previous day.

History

Historical Context

In October 1973 OAPEC, including Saudi Arabia, Kuwait and Arab OPEC producers, imposed an oil embargo on the United States to protest American arms shipments to Israel during the Yom Kippur War; the embargo lasted until March 1974 and highlighted the Strait of Hormuz’s role. Iran’s IRGC, Oman’s foreign minister and Abbas Araghchi signed an interim water-share revenue pact for the strait, echoing the 1973 coordination effort.

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Story summary

Iran and Oman agreed to share control and revenue of the Strait of Hormuz.
IRGC spokesman Hossein Mohebbi said the deal defines each nation’s water share and revenue split.
Omani Foreign Minister Sayyid Badr al-Busaidi met Iranian Foreign Minister Abbas Araghchi in Tehran to discuss the interim deal.
U.S. President Donald Trump claimed mines were removed and about 10 million barrels of oil passed through Strait the previous day.

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