Iran and Oman near Hormuz transit deal as U.S. holds off on sanctions

Iran and Oman are nearing a deal to establish a temporary navigational corridor through the Strait of Hormuz and jointly clear mines, according to a Tuesday statement. Oil prices fell below $90 per barrel on the news. Only five commodity vessels transited the strait Tuesday, below the 10-day average of 15, with roughly a fifth of global crude normally flowing through it. Technical talks will continue on a permanent corridor, information-sharing, and traffic management. The U.S. has avoided major secondary sanctions on other nations, including Chinese firms, despite Treasury Secretary Scott Bessent's "economic D-day" pledge. China threatened retaliation if Washington expands pressure on Iran's trading partners.