Iran and Oman appear close to an agreement on reopening the Strait of Hormuz, but the remaining issues are substantial. Tehran would control inbound traffic while Oman would oversee outbound shipping, and Iran is seeking sanctions relief in exchange for toll-free passage. Washington opposes giving Iran control over shipping lanes, while the shipping industry has warned that proposed transit fees and existing U.S. sanctions could make the arrangement unworkable. Even if an agreement is announced, it would address shipping through Hormuz rather than…

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