The two countries said they would create a temporary shipping lane and clear mines in the waterway. Global oil prices dipped after the joint announcement.
Vessels near the Strait of Hormuz, seen from Musandam, Oman, on Monday. Before the U.S.-Israeli war on Iran, about a fifth of the world’s oil and gas was shipped through the waterway.
Bank Melli, Iran’s largest lender, already faces sanctions that severely limit its ability to operate abroad. Every foreign branch must be shut down, Treasury Secretary Scott Bessent said.
Connexion
