Oman proposes Hormuz management system with voluntary fees, source says

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Oman proposes Hormuz management system with voluntary fees, source says

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Oman proposed a management system for the Strait of Hormuz involving voluntary fees from shipping companies, aiming for a joint regional governance. The strategic strait, critical for global oil and LNG transport, remains a flashpoint amid ongoing regional tensions.

By Timour Azhari RIYADH, July 28 (Reuters) - Oman has presented a proposal to Iran for joint regional management of the Strait of Hormuz with shipping firms paying voluntary fees, a Gulf source told Reuters on Tuesday. The Strait of Hormuz — which carried a fifth of global oil and liquefied natural gas before the Iran war — has becomethe main hurdle in peace talks and a flashpoint for repeated escalations in the conflict.

World Security Conflict Politics Markets Commodities Energy Shipping Hormuz Strait Oman proposal shipping fees oil transport regional security Iran energy transit

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