Iran and Oman are in the process of drafting a maritime protocol aimed at monitoring ship transit through the Strait of Hormuz, a vital oil shipping route. Deputy Foreign Minister Kazem Gharibabadi of Iran announced that the framework will be finalized and negotiations with Oman will commence once it receives internal approval. The protocol seeks to enhance coordination and supervision of tanker traffic, ensuring safe passage without imposing restrictions. The Strait of Hormuz has been largely closed since February 28, following US and Israeli military actions against Iran, which have led to retaliatory measures from Tehran. This disruption has significantly impacted global oil prices, causing them to rise sharply. However, news of the proposed coordination mechanism between Iran and Oman has provided a temporary boost to investor sentiment, leading to a slight easing of oil prices from their recent highs.