Strait of Hormuz traffic normalizationIran is reportedly portraying discussions over shipping arrangements in the Strait of Hormuz as negotiations with Oman rather than directly with the United States, according to the Institute for the Study of War (ISW). The strategic maneuvering comes as tensions remain high, with both nations seeking an agreement that could ultimately influence maritime traffic normalization in the region. Market pricing suggests a potential easing of tensions, with the likelihood of Strait of Hormuz traffic normalization by August 31 rising to 16.5%. What to WatchWatch for official announcements from Iran or Oman that could confirm the progress of their bilateral talks. Any joint statements or agreements could be consistent with YES outcomes for traffic normalization and peace talks.