Iran and Oman have advanced bilateral talks toward a temporary navigational corridor and route coordinates in the Strait of Hormuz, with officials finalizing maps and statements as of mid-October 2026. Iranian leaders, including the president and deputy foreign minister, have explicitly stated that any such agreement does not reopen the strait or lift existing restrictions and remains conditioned on U.S. fulfillment of June memorandum commitments such as sanctions relief and asset releases. Ongoing attacks on shipping, severe threat assessments, and limited commercial traffic through the waterway have persisted into October, underscoring that bilateral route arrangements alone have not altered the broader blockade dynamics. Traders price the low likelihood of an unconditional lift preceding the Oman deal in line with these repeated conditions and continued enforcement measures.