The United States expects Iran and Oman to reach an agreement soon that could restore commercial shipping through the Strait of Hormuz, a critical route for global oil and energy supplies, according to a Reuters report citing a U.S. official. A deal involving Iran and Oman could become an important step toward a wider peace agreement after five months of conflict. The Strait of Hormuz, located between Iran and Oman, is one of the world's most important energy shipping corridors. Shipping disruptions, attacks on vessels and Iranian transit charges have since contributed to higher energy prices and increased inflationary pressures. Previous attempts to establish a durable ceasefire have failed, making a potential Iran-Oman Strait of Hormuz agreement an important development for regional security, global shipping and oil markets.