UK and France agree with Oman to ensure safety of its territorial waters

Oman has agreed to work with the U.K. and France to ensure the Gulf country's territorial waters are safe for navigation, the U.K. said on Saturday, as oil shipments through the Strait of Hormuz pick up since the U.S. and Iran signed an agreement last month to reopen the crucial sea lane.

"The U.K. and France also stand ready to deploy the wider Multinational Military Mission to support freedom of navigation in the Strait of Hormuz," U.K. Prime Minister Keir Starmer said in a joint statement with French President Emmanuel Macron.

"The Strait of Hormuz is a vital artery for the global economy. Restoring safe transit for ships of all nations through the Strait is a matter of global concern," the statement read.

France said it has deployed mine countermeasures to the Middle East, including two mine-hunting ships.

"Accompanied by two frigates and a maritime patrol aircraft, these assets are ready to contribute, alongside our partners, to the full resumption of navigation and to ensure the safety of traffic in the Strait of Hormuz," Macron said in a statement on X.

The U.K., France and more than two dozen countries said in May that they would support freedom of navigation through the Strait of Hormuz under the Multinational Military Mission for the waterway.

Oman's Foreign Ministry did not immediately respond to CNBC's emailed request for comment Saturday.

Situated on the southeastern coast of the Arabian Peninsula, opposite Iran across the strait, Oman has been in joint talks with Iran on a new maritime security order, amid reports that the two countries could push to establish transit fees.

Oman has said that any agreement will comply with international law, although the prospect of a financial system on a waterway that typically handles around 20% of the world's oil has sparked alarm.

The Gulf nation has served as a key intermediary in regional crises and remains one of the few countries trusted by both Tehran and Washington, which is keen to ensure the flow through the strait resumes after it was blocked during the war, triggering a global energy crunch.

The Sultan of Oman, Haitham bin Tarik, met Starmer in London on Thursday. The two spoke about de-escalating the conflict in the Middle East and to "secure maritime navigation through the Gulf's strategic waterways", Oman's state news agency said in a post on X.

The U.S. and Iran signed a memorandum of understanding on June 17 to end nearly four months of war and reopen the Strait of Hormuz, and set ​up 60 days of negotiations to work out a permanent peace deal. 

Oil shipments have ramped up since then. Saudi Arabia has shipped about 34 million barrels of oil through Hormuz since June 17, according to data from the trade intelligence firm Kpler. Riyadh's exports over the two weeks to July 2 were more than double the 15 million barrels the kingdom shipped through the strait from March 9 through June 17.

Benchmark Brent crude oil prices have fallen 39% from their highs in March.

Brent crude oil price per barrel, year to date.

The U.S. has staunchly opposed any tolls in the Strait of Hormuz.

U.S. President Donald Trump's administration has previously threatened to "aggressively" impose sanctions against Oman if it was seen to help Iran establish a tolling system.

"All nations should reject outright any efforts by Iran to disrupt the free flow of commerce," Treasury Secretary Scott Bessent said in a post on X on May 28.

Under the terms of the U.S. and Iran's memorandum of understanding, Tehran cannot impose tolls on ships during the 60 days of negotiations to find a permanent settlement.

In an interview with CNBC on Thursday, Trump said that "not one ship got through to Iran," suggesting the U.S. blockade of the Strait of Hormuz during the Iran war was not penetrated.

"It was a wall of steel," he said.

However, according to shipping industry information service Lloyd's List, the blockade was breached multiple times by an "Iranian shadow fleet."

Iran's parliament speaker and chief negotiator Mohammad Bagher Ghalibaf said Tuesday that Iran has exported more than 40 million barrels of crude oil since the U.S. removed its naval blockade of Iranian ports, and is now selling oil at prices roughly 20% higher than before the war.