Iran, Oman reach deal on Strait of Hormuz, but reopening hinges on US conditions

Iran and Oman reached an agreement on Strait of Hormuz control and revenues. The Revolutionary Guards stated the strait will not reopen without US acceptance. Shipping has largely halted, increasing global energy prices due to blockades. Iran blacklisted ships while the US increased economic pressure on Tehran. Oil prices eased as diplomatic efforts offered hope for ending the conflict.