International oil prices dip in the short term; Iran and Oman have issued a joint statement saying they plan to establish a temporary maritime corridor in the Strait of Hormuz.

Iran and Oman’s joint statement reveals: Omani Foreign Minister Sayyid Badr bin Hamad al-Busaidi held constructive talks with Iranian Foreign Minister Hossein Amir-Abdollahian during his working visit to Iran. The discussions centered on a high-priority issue for both nations: upholding full sovereignty and sovereign rights while restoring safe navigation through the Strait of Hormuz. Given recent wars and their catastrophic outcomes have shifted the strait’s current situation, the two foreign ministers mapped out a phased implementation framework that could serve as a practical, actionable foundation to move the situation forward. The proposed framework includes establishing a temporary joint maritime corridor in the Strait of Hormuz and agreeing to carry out a joint mine-clearing project in the strait. The two sides will continue technical-level discussions to reach consensus on establishing a permanent maritime corridor, future governance of the strait, exchange of traffic management information, and relevant maritime and security service mechanisms. In this context, both sides underscored the need for joint dialogue with all Persian Gulf littoral states. They also stressed the importance of complying with applicable international law and respecting the sovereign rights of littoral states. Against this backdrop, U.S. West Texas Intermediate (WTI) crude oil fell $0.8 in the short term, down 3.88% to $81.27 per barrel; Brent crude oil dropped below $87 per barrel, with an intraday decline of 3.88%.