The Strait of Hormuz sits between Iran and the Arabian Peninsula, allowing roughly 20% of the world's oil supply to pass through its narrow lanes. Historically, the corridor has been a bargaining chip in the Persian Gulf’s power dynamics, with Iran often using its position to pressure neighboring states and to negotiate favorable terms for its own interests.
In early 2024, amid escalating tensions with the United States and Israel, Iran negotiated a new maritime route with Oman that would grant Tehran greater authority over the passage. The agreement, announced publicly in a joint statement, was framed as a step toward enhancing regional cooperation while protecting Iranian strategic interests.