Oman has committed to not imposing tolls on the Strait of Hormuz, following a reported threat from Donald Trump, according to Bessent. The pledge aims to keep the critical waterway open for global oil shipments.
Why the Strait Matters
The Strait of Hormuz is a narrow passage between the Persian Gulf and the Gulf of Oman. Roughly a fifth of the world's oil passes through it daily. Any disruption can send energy prices soaring. Tolls would add costs and raise the risk of conflict.
The Reported Threat
Trump, the former U.S. president, reportedly warned Oman against imposing fees on vessels using the strait. The details of that threat were not disclosed. Bessent, who made the statement about Oman's pledge, did not elaborate on the nature of the warning or the timing of Oman's decision.
What’s Next
Oman's assurance removes one immediate worry for shippers and oil markets. But the broader stability of the strait remains uncertain. No further statements from Omani officials or from Trump have been released.
