Iran and Oman have advanced talks toward finalizing a bilateral shipping corridor and route map through the Strait of Hormuz, with Iranian officials confirming near-consensus on coordinates and a joint statement as of mid-October 2026. Iranian statements from the foreign ministry and parliament explicitly separate this framework from any immediate reopening, conditioning full transit restoration on U.S. fulfillment of the June Islamabad Memorandum commitments such as sanctions relief and asset releases. Ongoing restrictions, attacks on vessels, and U.S. enforcement measures have kept commercial flows minimal since February, sustaining trader expectations that any Hormuz agreement will precede rather than follow a blockade lift.