Iran and Oman have advanced bilateral talks on managing commercial shipping through the Strait of Hormuz, reaching in-principle agreement on geographic coordinates for a temporary single transit corridor primarily through Iranian territorial waters, along with related navigational rules and a potential joint statement. Recent statements from Iranian Deputy Foreign Minister Kazem Gharibabadi and Omani officials describe constructive dialogue and near-finalization after weeks of consultations, though any full reopening remains explicitly conditioned on U.S. fulfillment of commitments under the June Islamabad memorandum, including sanctions relief and related measures. Broader factors include ongoing regional tensions, mine clearance needs, revenue-sharing proposals, and restrictions on military vessels. Traders are monitoring near-term announcements and any shifts in U.S.-Iran diplomacy that could alter the timeline or scope of a formal management accord.