The latest

Iran and Oman held new talks on managing the Strait of Hormuz, agreeing to work toward a “joint temporary navigational corridor” and remove mines from its route after nearly six months of blockade. Omani Foreign Minister Badr Albusaidi said he hoped the corridor and practical arrangements for safe navigation would be announced soon after meeting his Iranian counterpart. The initiative comes as direct US-Iran hostilities have largely subsided but diplomatic efforts to secure peace remain stalled.

Details

• Traffic controls: Tehran and Muscat have held intermittent discussions for weeks over traffic rules. Most shipping has stopped as Iran and the United States sought control of the strategic channel through separate blockades. President Donald Trump repeated his assertion that all mines had been cleared and warned Iran against laying more.
• Vessel blacklist: Iran on Sunday blacklisted 45 ships in an apparent attempt to halt ship-to-ship transfers used by Gulf energy producers to evade its blockade. Sources said some companies planned to stop using listed vessels, adding another deterrent for operators considering passage through the waterway.
• Economic pressure: The United States threatened to punish countries continuing business with Iran but said penalties would not be imposed immediately. The measures excluded Chinese financial institutions suspected of facilitating Iranian oil exports. Tehran called the campaign “gross lawlessness” and expressed confidence that many countries would not participate.
• US posture: Secretary of State Marco Rubio told allies Washington did not expect to launch further strikes for now and would use other forms of pressure, Axios reported. The United States is also returning personnel to some regional diplomatic missions evacuated or reduced during the tensions, although some embassies will initially remain below full capacity.
• Domestic pressure: The Secret Service said it was aware of an Iranian state television video discussing a potential plot to assassinate Trump’s youngest son, Barron. Reuters/Ipsos polling showed US approval of the war at its lowest since the conflict’s early days, while Trump’s popularity reached a record low before November’s congressional elections.
• Oil market: Oil prices fell for a third day, losing more than $2 a barrel to a two-week low as signs emerged of renewed mediation efforts to end the war.

Background

Before the war, the Strait of Hormuz handled one-fifth of global oil and liquefied natural gas shipments. The conflict began on February 28 with US and Israeli strikes on Iran and has killed thousands, most of them in Iran and Lebanon.

What’s next

Iran and Oman’s next concrete step is a formal announcement of the temporary corridor and its operating and security arrangements, including completion of mine clearance. The resumption of safe vessel transits will show whether the agreement can restore traffic through the strait.