The Biden administration and Oman have proposed unfreezing roughly $100 billion in Iranian assets held abroad in exchange for Tehran dropping its demand for transit fees on vessels in the Strait of Hormuz, according to a Wall Street Journal report. Envoys Steve Witkoff and Jared Kushner traveled to Doha this week to coordinate with Qatari mediators on the swap deal.
The Wall Street Journal reported on Thursday that the United States and Oman are pursuing a diplomatic strategy to dissuade Iran from imposing transit fees on vessels crossing the Strait of Hormuz. According to the report, the primary incentive under discussion is the unfreezing of an estimated $100 billion in Iranian assets held abroad. U.S. special envoys Steve Witkoff and Jared Kushner traveled to Doha this week to coordinate with Qatari mediators on implementing the framework of a June memorandum. The proposed exchange would have Iran renounce its claim to control the strait and levy shipping charges in return for Washington releasing billions in frozen funds.
This latest maneuver follows reports that The Zioneer covered over recent weeks: Iran and Oman had advanced a joint plan for transit fees (July 1), Iran confirmed talks with Oman on the issue (June 26), and a tentative U.S.–Iran understanding on a nuclear freeze and sanctions relief was reported in mid-June (June 14). The current proposal marks a significant expansion of the economic incentive being offered — from smaller relief packages to a potential release of the bulk of Iran's frozen reserves.
It remains unclear whether Tehran will accept the deal. Past reports indicated the Iranian position was a precondition for broader negotiations, not a negotiable item, and that the U.S. had struggled to move Iran from its stance. No formal response from Tehran has been reported as of this bulletin.
- DevelopingIran and Oman advance joint plan for Strait of Hormuz transit fees
- ConfirmedReport: US presses Iran to drop Strait of Hormuz toll demand; Tehran unmoved
- ConfirmedU.S. and Iran reportedly near agreement on nuclear freeze, sanctions relief, and Strait of Hormuz reopening
- StrongFinal details: US and Iran agree on Hormuz transit center, release of $12 billion
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