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Muscat talks on Hormuz
Iran and Oman held a legal and technical meeting in Muscat on Tuesday to discuss the latest developments regarding the Strait of Hormuz and arrangements for the safe passage of ships through the waterway.
“The talks, which were held in Muscat on Tuesday”
The Iranian delegation was headed by Abbas Bagherpour, the Director General of the International Legal Department at the Ministry of Foreign Affairs, and included representatives from relevant authorities.
The talks included separate meetings with Oman's Foreign Minister, Badr Al Busaidi, and with the Secretary General of the International Maritime Organization, Arsenio Dominguez, who was visiting Oman.
Both sides emphasized their sovereign rights and jurisdictions over the strait as part of their territorial waters, as the session covered legal and technical issues tied to shipping safety.
Sovereignty and navigation safety
In the Muscat session, Iranian and Omani delegations discussed arrangements for the safe passage of ships and emphasized their sovereign rights and jurisdictions over the Strait of Hormuz as part of their territorial waters.
The Iranian delegation also met with Oman's Foreign Minister Sayyid Badr bin Hamad Al Busaidi, while Arsenio Dominguez met with the Iranian delegation to discuss related technical issues.
A separate report framed the safe-passage talks as negotiations to establish an official protocol ensuring the safe passage of ships, citing Iran's Foreign Ministry spokesman Ismail Bagheri.
That same report said Abbas Araqchi highlighted Oman’s role as mediator and stressed that the littoral states around the strait bear joint responsibility for maintaining stability, adding, "Our neighbors are our priority,".
Insurance and shipping risk
While Iran and Oman discussed safe passage arrangements in Muscat, a separate report described shipowners seeking insurance coverage to cross the Hormuz Strait after a ceasefire agreement between the United States and Iran.
“"war conditions remain in place, and the Hormuz Strait remains classified as a very high-risk area"”
Bloomberg cited brokerage firm McGill & Partners in saying shipowners were placing "massive orders" for insurance coverage, and David Smith, head of the company’s maritime shipping division based in London, said there was a "notable price correction."
Even with the ceasefire, the report said "war conditions remain in place, and the Hormuz Strait remains classified as a very high-risk area" and noted the strait remained largely closed on Wednesday.
Andrew James of Arthur J. Gallagher said the "latest ceasefire news is positive and could facilitate crossing the Hormuz Strait" but also that "the timing is still very early," as insurers began factoring the ceasefire into pricing for some risks.
