Iran and Oman Near Landmark Deal to Manage Strait of Hormuz
Diesel Exports Hit Record High as Domestic Stockpiles Slide What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Iran and Oman are close to agreeing on joint management of the Strait of Hormuz, media have reported, citing a statement by Iran’s foreign ministry spokesman, Esmaeil Baghaei.
Crude oil prices have been trending lower, in the meantime, withBrent crudedipping below $80 per barrel and trading at $79.12 per barrel at the time of writing.West Texas Intermediatewas changing hands for $74.79 per barrel, down 0.57% According to Baghaei, the deal with Oman was “in the final stages”, the BBCreportedtoday.
Bloomberg, meanwhile,quotedthe official as saying the negotiations with Oman were “forward-moving”, and that the deal was close to finalization “if certain third parties do not obstruct this process,” quite possibly meaning the United States, which has said, as reported by Reuters, that it would not allow Iran to have control over the waterway.
The publicationreportedon Wednesday that the negotiations between Iran and Oman had included the idea to have Iran control vessel traffic coming into the waterway and the U.S., reportedly, did not oppose such a stipulation.
Reuters also quoted the Iranian side as saying the negotiations with Oman had actually involved Iran having control over both incoming and outgoing vessel traffic in the Strait of Hormuz.
Meanwhile, President Trump has threatened more violence unless a deal was agreed, even as he said peace talks were ongoing, which Iran denied.
president earlier this week threatened Iran “will be hit very hard” while also saying that “We're having very good discussions,” asquotedby the BBC.
“The Iranian warning was unequivocal: if America targeted Iran's infrastructure, they would retaliate by striking Gulf energy facilities and other regional targets,” one Gulf official told Reuters.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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