Source: Fortune
Summary
Iran and Oman have reached a deal on managing the Strait of Hormuz, agreeing on routes through the key waterway. The agreement forms part of a broader accord to govern traffic through the strait and upholds the sovereignty of both states. The US was not party to the negotiation and is unlikely to agree to terms that don’t restore free passage along the route. The deal comes as the US readies new economic measures to force Tehran to capitulate in the war, which began in February.
Our Reading
The numbers tell one story. Iran and Oman’s deal on the Strait of Hormuz is a separate issue from the US-Iran conflict. The agreement doesn’t mean the strait will reopen, according to Iranian Foreign Minister Abbas Araghchi. The US plans to hit Iran’s economy hard, with President Donald Trump saying he doesn’t care if the conflict ends before the November US midterm elections. The conflict has already taken a major hit on Iran’s economy, with crude exports severely curtailed by the US blockade.
The situation is of utmost gravity, Lebanese Prime Minister Nawaf Salam said, as Israel continues to clash with Hezbollah in southern Lebanon and Hamas operatives in Gaza.
Author: Evan Null
