Geostrategic Media Political Commentary, Analysis, Security, Defense
An Omani diplomatic delegation arrived in Tehran on Friday for talks on mechanisms to manage navigation through the Strait of Hormuz, Iran’s official IRNA news agency reported.
The visit comes as part of ongoing consultations between the Islamic Republic of Iran and Oman, with the two sides seeking to establish appropriate mechanisms for regulating maritime traffic through the strategic waterway.
The visit comes amid renewed US aggression against Iran under the pretext of “preserving freedom of navigation” in the waterway, which under normal circumstances carries one-fifth of global oil exports, in addition to significant exports of minerals and natural fertilizers.
Tehran, meanwhile, maintains that it shares with Muscat the right to manage transit through the strait, as the two countries are the states that border it.
Oil prices climbing amid war on Iran
Oil prices climbed as the US war on Iran continued to intensify, while Ansar Allah threatened to disrupt a key alternative route used by Saudi Arabia to transport oil exports, raising concerns over further supply disruptions.
Brent crude, the global oil benchmark, rose 3.7% to $94.40 a barrel shortly before 5 a.m. ET. West Texas Intermediate (WTI), the US oil benchmark, gained 4% to reach $87.71 a barrel.
“The latest oil moves come as the strikes between the US and Iran have showed no sign of easing, and there are still no concrete signs of a peace deal either,” Deutsche Bank analysts wrote in a note as reported by CNN.
Crude prices have surged by around $20 a barrel this month after the US renewed its aggression on Iran and the latter retaliated. Brent futures for delivery six months from now reached a one-month high on Tuesday, according to Deutsche Bank, as concerns grow over the possibility of a prolonged disruption to global oil supplies.
