Oman Works with U.K. and France on Hormuz Navigation While Iran Resumes Oil Exports

Oman has agreed to work with the U.K. and France to keep its territorial waters safe for navigation, Cnbc reported. The arrangement comes after the U.S. and Iran signed a memorandum of understanding on June 17 that ended nearly four months of war and reopened the Strait of Hormuz.

U.K. Prime Minister Keir Starmer and French President Emmanuel Macron said in a joint statement that their countries stand ready to deploy the wider Multinational Military Mission to support freedom of navigation. They described the strait as a vital artery for the global economy and called restoring safe transit for ships of all nations a matter of global concern.

France has sent two mine-hunting ships, two frigates and a maritime patrol aircraft to the Middle East as part of the effort. , France and more than two dozen other countries announced in May that they would back freedom of navigation under the Multinational Military Mission. The Sultan of Oman, Haitham bin Tarik, met Starmer in London on July 2.

Oman has been holding joint talks with Iran on a new maritime security order and has stated that any agreement will comply with international law. Saudi Arabia has shipped about 34 million barrels of oil through the strait since June 17, according to Kpler data cited by Cnbc. Its exports in the two weeks to July 2 more than doubled the 15 million barrels shipped from March 9 through June 17.

Benchmark Brent crude prices have fallen 39 percent from their March highs. Under the June 17 memorandum, Iran cannot impose tolls on ships during the 60-day negotiation period. Iran's parliament speaker Mohammad Bagher Ghalibaf said the country has exported more than 40 million barrels of crude since the U.S.