The UK and France have reached an agreement with Oman to secure its territorial waters and restore safe transit through the Strait of Hormuz. This security initiative follows a June 17, 2026, US-Iran memorandum of understanding that reopened the vital waterway after four months of war. While oil shipments from Saudi Arabia and Iran have surged and Brent crude prices have fallen 39% since March, tensions remain high over potential transit fees and the deployment of European military assets.
UK-France Oman security agreement
- ▪United Kingdom Prime Minister Keir Starmer and French President Emmanuel Macron stated they are ready to deploy the Multinational Military Mission to support freedom of navigation in the Strait of Hormuz
- ▪Oman has agreed to work with the United Kingdom and France to ensure Oman's territorial waters are safe for navigation
- ▪France deployed mine countermeasures to the Middle East, including two mine-hunting ships, two frigates, and a maritime patrol aircraft
- ▪United Kingdom Prime Minister Keir Starmer met with Oman's Sultan Haitham bin Tarik in London on July 2, 2026, to discuss de-escalating Middle East conflict and securing maritime navigation
US-Iran memorandum of understanding
- ▪The United States and Iran signed a memorandum of understanding on June 17, 2026, to end nearly four months of war and reopen the Strait of Hormuz
- ▪The United States-Iran memorandum of understanding establishes 60 days of negotiations to work out a permanent peace deal
Strait of Hormuz transit fees
- ▪Under the terms of the United States and Iran's memorandum of understanding, Tehran cannot impose tolls on ships during the 60 days of negotiations
- ▪Oman and Iran have held joint talks on a new maritime security order, amid reports that the two countries could establish transit fees in the Strait of Hormuz
Oil shipment resumption
- ▪Saudi Arabia shipped approximately 34 million barrels of oil through the Strait of Hormuz between June 17, 2026, and July 2, 2026
- ▪Saudi Arabia's oil exports through the Strait of Hormuz over the two weeks leading to July 2, 2026, more than doubled the 15 million barrels shipped from March 9 through June 17, 2026
- ▪Iran exported more than 40 million barrels of crude oil since the United States removed its naval blockade of Iranian ports
Brent crude price decline
- ▪Benchmark Brent crude oil prices have fallen 39% from their peak levels in March 2026
- ▪The United States Treasury Secretary Scott Bessent stated on May 28, 2026, that all nations should reject any efforts by Iran to disrupt the free flow of commerce
US sanctions threat
- ▪The United States administration under Donald Trump threatened to impose sanctions against Oman if Oman helped Iran establish a tolling system in the Strait of Hormuz
- ▪Iran's Deputy Foreign Minister Kazem Gharibabadi warned that the Strait of Hormuz is not a theater for military displays by extra-regional powers
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