Iran and Oman have advanced bilateral understandings on temporary navigational corridors and safe transit route coordinates through the Strait of Hormuz, including coordination with the International Maritime Organization, yet Iranian officials have repeatedly stated these steps do not constitute reopening the waterway or lifting the ongoing US naval blockade of Iranian shipping. Tehran conditions any full restoration of traffic on US fulfillment of commitments under the Islamabad memorandum, including sanctions relief and related regional issues. As of mid-October 2026, restricted flows, attacks on vessels, mine incidents, and enforcement actions persist, with traffic volumes remaining far below pre-conflict levels. These dynamics support trader expectations that the blockade will remain in place ahead of any finalized Iran-Oman framework.