economy
Iran and Oman drafting protocol to 'monitor' Hormuz Strait traffic: IRNA
The Strait of Hormuz, the vital artery for global oil transit, has been effectively closed since the Iran war started in late February.
TL;DR
- Iran and Oman are drafting a protocol to monitor transit through the Strait of Hormuz.
- The protocol aims to ensure safe passage and provide better services for ships using the route, not to impose restrictions.
- The news caused U.S. stock indexes to rise and oil prices to ease from their highs.
- The Strait of Hormuz has been effectively closed since Feb. 28 following U.S. and Israeli strikes on Iran.
- Iran's blockade has caused a significant surge in oil prices and a global crisis.
- U.S. gas prices have spiked over 30% in a month, exceeding $4 per gallon.