Iran and Oman Announce Joint Statement on a Temporary Shared Corridor and Mine Clearing Project in the Strait of Hormuz

Iran and Oman said in a joint statement on Wednesday, August 26, 2026 (4 Shahrivar 1405), that they had discussed a phased framework for managing ship traffic through the Strait of Hormuz. According to Arzdigital, the framework includes setting up a temporary shared corridor and carrying out a maritime mine clearing project. Technical talks between the two countries on establishing a permanent crossing, traffic management, and navigation and security services are set to continue.

Global oil prices fell more than 2 percent the same day: Brent crude dropped to $86.27 a barrel and US West Texas Intermediate to $80.87. An unexpected 4.2 million barrel build in US crude inventories, reported by the American Petroleum Institute, added further downward pressure on prices.