Iran rejects Oman's Strait of Hormuz plan, raising fresh shipping concerns

Iran has rejected Oman’s proposal for regional joint management of the Strait of Reuters as told by an Iranian official on Wednesday.

According to Reuters, Tehran refused to give up its leverage on Strait of Hormuz, a strategically important waterway important for shipping 20 percent of global oil and energy supplies. The months-long closure of Hormuz has disrupted trade and supply chains.

On Tuesday, Omani officials proposed a regional mechanism to manage strait but Tehran ruled out the possibility of any chance of success in this matter.

As per source privy to the matter, the US and Saudi Arabia “are trying to pressure Oman to pursue their unrealistic plans” regarding Hormuz. According to details, Iran wants to exert control over the entire inbound strait route and the part of the outbound route.

Regarding Homuz management, 50-5- joint control arrangement with Oman will not fulfil Iran’s interests. To make the matter worse, IRGC announced the recent attacks on three oil tankers in the strait on the pretext that they took unsafe and illegal routes and ignored warnings.

In the wake of attacks, oil prices rose over $3 a ​barrel on Wednesday.

Omani’s proposal was based on the Strait of Malacca-style model, charging from those who use the strait voluntarily to fund navigation, environmental protection and search and rescue.

It means under the recently proposed model, Iran would not be able to exercise sole control of Hormuz.