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Progress between Iran and Oman has reduced the immediate Strait of Hormuz risk premium, but the proposed navigation arrangement remains incomplete. No formal text has been released, and reports of Iranian leadership approval remain unconfirmed by Tehran. Disputes over traffic control, fees, the blockade, and security guarantees still matter. Oil can reflect negotiation hopes, but a durable reversal in risk requires a signed agreement and observable resumption of vessel traffic. DYOR. #HormuzDealStillPending #OKXOrbit