Iran and Oman maintain close diplomatic ties as the two coastal states of the Strait of Hormuz, with recent joint statements and technical talks focused on temporary navigational corridors, mine clearance, and future traffic management under international law. These efforts occur against the backdrop of the 2026 Iran war and Hormuz crisis, during which Iranian forces have conducted multiple drone and missile strikes on Omani ports such as Duqm and Salalah, as well as vessels in Omani waters, citing their use by U.S. forces. Ongoing U.S. naval enforcement actions, ship incidents, and Iranian warnings about unauthorized transit continue to shape regional risks. Traders assess the probability of further Iranian targeting based on whether U.S.-Iran escalation or perceived Omani facilitation of American operations outweighs Muscat’s mediation role and shared interest in restoring controlled shipping. Scheduled diplomatic follow-ups on Hormuz arrangements represent key near-term variables.