Updated

Iranian officials said an agreement with Oman concerning the Strait of Hormuz has reached its final stages, according to statements reported by Iranian outlets. The strait is the world's most important oil chokepoint, and any arrangement over navigation, security or coordination between Tehran and Muscat carries implications for global energy flows. Oman has historically served as a discreet intermediary between Iran and Western governments, and no detailed terms of the reported deal have been published. Neither Omani officials nor outside parties have confirmed the substance of the arrangement. The diplomacy is unfolding against the backdrop of a continuing closure of the strait, which has kept energy and financial markets volatile. Oil prices and equities surged as the shutdown dragged on, while US retail petrol prices fell about nine cents over the past week — a lag effect analysts warned could reverse sharply if the closure persists. The combination of market disruption and stalled shipping raises the stakes for any Iran-Oman understanding on navigation and security in the waterway. Analysts caution that without a resolution, further price spikes and supply strains are likely.