**Iran and Oman have advanced bilateral talks on navigation routes and longer-term administration of the Strait of Hormuz, driven by a phased framework outlined after their August 2026 consultations and tied to Article 5 of the Islamabad Memorandum of Understanding.** Iranian officials reported in early October 2026 that the sides reached in-principle agreement on geographic coordinates for safe two-way routes, with the inbound lane fully in Iranian territorial waters and part of the outbound lane also passing through them, plus joint mine-clearing and mechanisms for traffic management and information exchange. Deputy Foreign Minister Kazem Gharibabadi stated on October 12 that technical details are nearly finalized and a joint statement is imminent, though any reopening remains conditional on broader compliance and excludes outside interference. The process envisions a temporary corridor followed by permanent arrangements, with discussions extending to other Gulf states, while both countries stress sovereign rights over the waterway amid ongoing regional tensions. These verified diplomatic steps and upcoming implementation milestones shape trader assessments of near-term agreement prospects.