Oman and Iran on Wednesday announced the creation of a joint working group to negotiate the future administration of the Strait of Hormuz, as Muscat opened a temporary maritime corridor to ease the safe transit of vessels through the strategic waterway. The move follows a surge in geopolitical tensions that has left more than 1,150 commercial ships and 11,000 seafarers stranded in the Persian Gulf, according to Allianz’s Safety and Shipping Review 2026, which estimates the combined value of vessels and cargo at $125 billion.

Oman’s Foreign Ministry said the joint working group will seek to guarantee safe passage while upholding the sovereign rights of both littoral states over their territorial waters . The announcement came as Muscat and the International Maritime Organization (IMO) activated a temporary corridor to allow ships to exit the Gulf via the Strait of Hormuz, a route deemed too hazardous for normal navigation . The corridor follows reports that 11 Turkish-owned vessels have safely transited the strait since late February, while seven remain under Ankara’s watch with 177 crew aboard .

The IMO has now begun a phased evacuation of more than 11,000 mariners trapped in the Gulf, a UN-coordinated operation announced after a US-Iran agreement eased earlier blockades . Greek and Cypriot shipping sources confirmed that Greek-flagged vessels are among those preparing to use the new corridor, which splits the strait into two temporary shipping lanes under Iranian supervision in the north and Omani coordination in the south.

Allianz’s review underscores the economic stakes: the $125 billion in exposed assets represents a 15% increase over 2025, driven by rerouted crude and LNG cargoes that now skirt the Bab el-Mandeb and Suez Canal in favor of the Gulf’s shorter but riskier passages . Industry analysts warn that prolonged disruptions could force insurers to re-price war-risk premiums, potentially rerouting long-haul trade away from the Gulf entirely.

With the corridor operational and the joint working group convening in Muscat, regional diplomats see a fragile window to stabilize one of the world’s most critical chokepoints. Yet the simultaneous evacuation of seafarers and the presence of seven Turkish ships still awaiting transit highlight the corridor’s interim nature—and the enduring fragility of maritime security in the Gulf.

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