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Iran reportedly drafts a protocol with Oman for the Strait of Hormuz traffic, via IRNA

This development signals Iran's intent to enhance monitoring and coordination in the strategically vital Strait of Hormuz, which is crucial for global oil shipments.

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[MARKET UPDATE] Pressure seen in the crude complex, DXY & upside in US equities after a report suggests Iran is drafting a protocal with Oman for Strait of Hormuz traffic

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Iran reportedly drafts a protocol with Oman for the Strait of Hormuz traffic, via IRNA

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  • Kazem Gharibabadi, Legal and International Deputy of the Ministry of Foreign Affairs, pointed out that even in peaceful conditions, the traffic of ships should be monitored and coordinated with the coastal countries, Iran and Oman, and said: "Of course, these requirements will not mean restrictions, but to facilitate and ensure safe passage and provide better services to ships that pass through this route."
  • "I must emphasize that the Strait of Hormuz was open and traffic was easy. It is natural that when we face an act of aggression, we face major problems and this is the result of the act of aggression. We are now at war and we cannot expect the pre-war rules to govern war conditions. We are facing two aggressor countries and some other countries that support aggression, so naturally restrictions and prohibitions should be imposed".
Context

While the emphasis is on facilitating safe passage, the mention of potential restrictions amid regional tensions suggests that any aggression could lead to heightened risks for maritime traffic. Traders should closely watch how this protocol impacts oil prices and overall market sentiment regarding geopolitical risks.

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