Iran and Oman Reach Hormuz Deal, But Reopening Hinges on US Compliance The latest development in the Iran US oil chokehold drama is a deal between Tehran and Muscat to share control of the Strait of Hormuz.
However, this agreement will only hold water if Washington plays ball. Tehran's Revolutionary Guards have stated that they will keep the strait closed unless their conditions are met.
This warning hangs over global energy markets like a specter: despite months of tension and blockades, the tiny Strait of Hormuz remains a giant knot in global energy markets.