# Deal to reopen Strait of Hormuz on the table, Trump's stance awaited Iran and Oman discuss framework agreement for joint control of the critical waterway. - **Source:** [Fortune | FORTUNE](https://brifing.si/source/769282ef-327a-4454-909a-3c7936216004) - **Published:** 2026-08-26 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/b7fb5c97-ee62-4240-91e6-2a01af4a57e6 ## Strategic importance of the Strait The Strait of Hormuz handles 20% of global oil trade, making it a critical chokepoint. The proposed joint control by Iran and Oman could shift regional power dynamics. Previous closures caused oil prices to spike above $150 per barrel. A prolonged shutdown would disrupt global energy markets significantly. ## Deal specifics Oman News Agency reported discussions about a 'permanent navigational corridor'. The agreement includes joint control and potential shipping fees. Previously free passage might become toll-based, drawing Gulf neighbors' opposition. The framework suggests shared administration between Iran and Oman. ## US factor Iran demands US compliance with June 2026 MOU terms before reopening. The MOU includes sanctions relief and $300B war reparations. Political hurdles make Trump's approval unlikely. US response will determine global energy market stability. Nuclear provisions remain contentious in negotiations. ## Oil market impact Brent crude fell to $85 on reopening prospects. Full access could push prices to $70-75 range. However, Iran's nuclear activities clause may renew tensions. Analysts predict fragile energy security through 2027. Supply disruptions keep markets volatile despite inventory buffers. ## Regional dynamics Saudi Arabia and UAE view joint control as power imbalance. GCC countries accelerate alternative pipelines. East-West Pipeline reduced Hormuz dependence by 15%. Military tensions persist despite diplomatic efforts. Regional alliances are being tested by energy geopolitics. ## Global energy policies EU and China doubled renewable investments post-crisis. Europe moved up energy independence targets. Asian nations boosted strategic reserves to record levels. South Korea and Japan maintain decade-high stockpiles. Energy security became top policy priority worldwide. ## Trade route shifts Shipping firms increasingly use Cape Town route (up 40%). Alternative paths increase fuel costs by 60%. Insurance premiums soared 10x in risk zones. Logistics inflation impacts consumer prices. Global supply chains undergo structural realignment. ## Nuclear negotiations Deal allows enrichment but bans weapon development. Western diplomats question verification mechanisms. Iran maintains 60% enriched uranium stockpiles. Nuclear tensions could reignite market volatility. Nonproliferation remains key challenge. ## Russia's role Russian media claims new ceasefire talks. Moscow's mediation expands regional influence. Energy-defense ties reshape global power balances. Multilateral diplomacy gains importance. Ukraine conflict complicates great power relations. ## Economic consequences Energy volatility fuels global inflation. Emerging markets struggle with import bills. IMF cut 2026 growth forecasts by 0.5%. Central banks extend tightening cycles. Consumer spending contraction raises recession risks. ## Geopolitical risks Crisis exposed energy security fragility. Single chokepoint can disrupt global economy. Nations invest billions in diversification. Fossil dependence persists short-term. Energy geopolitics defines 21st century priorities. ## Sources covering this story - https://fortune.com/2026/08/26/deal-open-the-strait-of-hormuz-iran-us-trump/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._