Iran and Oman, the two littoral states bordering the Strait of Hormuz, have advanced technical and diplomatic talks on a temporary joint navigational corridor, mine-clearing operations, and information-sharing mechanisms following high-level meetings in Tehran and earlier consultations in Muscat. Recent statements from Iranian Foreign Minister Abbas Araghchi and Omani counterpart Badr Albusaidi highlight progress on route coordinates and a phased framework tied to the Islamabad memorandum, though full implementation remains linked to broader US-Iran understandings and regional buy-in from other Gulf states. Discussions continue on permanent administration, maritime services, and potential cost-sharing arrangements under international law, with no immediate tolls during an initial period. These developments, including planned briefings with additional littoral states, shape trader assessments of whether a formal management agreement can be finalized within the market's timeframe amid ongoing sovereignty and security considerations.