NEW DELHI: Iran, Oman and the United States are reportedly close to reaching an agreement aimed at restoring normal commercial shipping through the strategically vital Strait of Hormuz, a move that could ease global energy market concerns and reduce tensions in the Gulf region.

According to reports, negotiations have made significant progress, with the proposed framework focusing on ensuring the safe passage of commercial vessels through one of the world's busiest maritime trade routes. The agreement is expected to help stabilize global oil and liquefied natural gas (LNG) supplies, which have faced uncertainty amid recent regional tensions.

The Strait of Hormuz handles nearly a fifth of the world's oil trade, making uninterrupted navigation through the waterway critical for global energy security. Any disruption in the passage has the potential to drive up oil prices and increase shipping costs worldwide.

Oman, which has frequently acted as a mediator in regional disputes, is playing a key diplomatic role in facilitating the negotiations between Tehran and Washington.

Diplomatic sources say a successful agreement could not only restore confidence in international shipping but also pave the way for broader discussions on regional security and de-escalation between Iran and the United States.

While officials from the three countries have not yet announced a final deal, observers say the progress in talks marks a positive step towards reducing geopolitical risks in one of the world's most strategically important maritime corridors.