Oman, Iran Discuss Hormuz Shipping as 20% of Oil and Gas Trade Stays at Risk
Updated
Updated · Middle East Eye · Jul 24
Oman, Iran Discuss Hormuz Shipping as 20% of Oil and Gas Trade Stays at Risk
3 articles · Updated · Middle East Eye · Jul 24
Summary
An Omani delegation reached Tehran on Friday for talks with Iranian officials on mechanisms to manage navigation through the Strait of Hormuz, with no details of the proposals released.
The talks come as the waterway has become the main focus of the US-Iran conflict; before the war, about 20% of global oil and gas exports moved through the strait.
Oman has pushed to keep the route open, with Foreign Minister Badr Albusaidi saying vital waterways must remain accessible, even as Washington and Gulf states reject Tehran's preferred joint-management approach.
Fighting continued for a 14th straight day: Iran reported attacks on US-linked targets and bases in Kuwait, Bahrain and Jordan, while US strikes in Iran recently killed at least 55 people and injured nearly 650.
The shipping crisis has widened since Yemen's Houthis declared a blockade against Saudi Arabia and reportedly kept targeting tankers in Hormuz and Bab al-Mandeb, raising pressure on energy markets and regional diplomacy.
Will Iran's controversial new maritime toll system completely choke off global oil supplies before diplomatic efforts can succeed?
As missiles strike commercial tankers, can Oman's backchannel diplomacy prevent a total shutdown of the world's most critical energy chokepoint?
With dual blockades threatening Gulf shipping routes, how will global markets survive the unprecedented squeeze on international energy trade?
2026 Hormuz Crisis: Ceasefire Failure, Shipping Paralysis, and the Global Economic Fallout
Overview
In July 2026, the collapse of the U.S.-Iran ceasefire agreement triggered a rapid escalation of military attacks and retaliations, leading to a near-total halt of shipping through the Strait of Hormuz. As vessel operators disabled tracking systems to avoid targeting, Iran began attacking ships traveling without identification, which further crippled maritime traffic. The resulting blockade cut off about 20% of the world’s oil and LNG flows, causing global fuel prices to soar and forcing Gulf states to rely on vulnerable overland pipelines. Diplomatic efforts failed amid disputes over control and transit fees, leaving the region locked in conflict and the global economy exposed to severe energy and trade disruptions.