Senior Iranian Official says that an agreement with Oman with the Strait of Hormuz has not yet been finalised, sources note; are still working on an agreement over the Strait of Hormuz

Statements of this kind fit the standard pattern of protracted Hormuz diplomacy: intermittent headline traffic from Iranian officials and unnamed sources, with progress signalled long before anything is signed, and each iteration moving crude through the risk premium rather than through physical flows. The channel that matters is not the waterway itself closing, which has never occurred even through repeated cycles of threats and tanker seizures, but the freight, insurance and prompt-spread response to perceived escalation risk in the strait, a corridor for a large share of seaborne oil and LNG. The phrase 'not yet finalised' carries a floor as much as a ceiling: it confirms active negotiation, which historically deflates the tail-risk premium, while withholding the resolution that would unwind it fully. The distinction worth drawing is between genuine framework agreements, which in past episodes have been preceded by weeks of official signalling and third-party confirmation, and source-level noise, which fades within sessions. Tells are corroboration from the Omani or Western side, movement in war-risk insurance rates and tanker fixtures for the Gulf, and whether the rhetoric around enforcement or inspection hardens in the interim.