Iran and Oman agree to share Hormuz shipping revenues - IRGC

Iran and Oman have reached an agreement to share shipping revenues from the Strait of Hormuz, Islamic Revolutionary Guard Corps (IRGC) spokesman Hossein Mohebbi said.

"During the negotiations agreements were reached regarding each of the two countries’ shares of the Strait’s waters, as well as revenue shares of Iran and Oman," Mohebbi said.

The Strait of Hormuz is owned by Iran and Oman, the spokesman noted, adding that the waterway will be opened if the US abides by the agreements that were previously reached.

The U.S. and Israel launched a war against Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding that stipulates an immediate cessation of hostilities on all fronts, including in Lebanon. However, on the night of July 8, the U.S. resumed large-scale strikes on Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.