Iran Says Strait of Hormuz Deal With Oman Just Days Away

(Bloomberg) -- Iran said a deal with Oman to manage shipping through the Strait of Hormuz is days away.

The agreement, which the two countries have been negotiating for weeks, is in the final stages and will include details on a temporary safe route through the crucial waterway, Foreign Ministry Spokesman Esmail Baghaei told reporters in Tehran on Monday.

Describing it as an "understanding," he said it would be documented with the International Maritime Organization, a United Nations body responsible for shipping globally.

Oil prices reversed gains on the news. Brent crude was down 0.1% to $96.15 a barrel, having traded earlier in the day at $97.93. That suggests some traders believe a deal will help get more tankers and other commercial vessels through the chokepoint, even if the US is unlikely to accept Iran having a say on which ships can traverse it.

With assistance from Alaric Nightingale.