Iran and Oman are advancing negotiations on a joint control agreement for the Strait of Hormuz, which may include conditions such as a military ship ban under certain circumstances. Tehran has prepared a list of conditions for reopening the strait, asserting that US presence is a barrier to agreement. As the talks progress, there are indications from Iranian officials about a potential temporary corridor for shipping. Oil prices have reacted to these developments, experiencing both declines and cautious rebounds amidst fluctuating optimism regarding Middle Eastern diplomacy. While Iran touts its plan, US officials maintain that the ongoing sanctions and the actions of former President Trump may complicate these negotiations.