Oil markets are awaiting a decision from Iran’s supreme leader after Iranian and Omani negotiators reportedly completed a draft agreement that could reopen the Strait of Hormuz, the main export route for Persian Gulf oil and LNG. The proposed temporary arrangement would direct ships entering the Persian Gulf through waters controlled by Iran, while vessels leaving the Gulf would use a route administered by Oman. The agreement would revive parts of the U.S.-Iran memorandum reached in June, which collapsed after attacks on shipping resumed. The Trump administration has rejected any arrangement requiring ships to pay Iran for passage through what was an open international waterway before the war. Oil prices initially fell on expectations that an agreement could restore Gulf exports, before Brent crude recovered to around $80 per barrel as attacks on regional shipping continued.