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Sign InAmid escalating geopolitical risks threatening global energy stability, Oman has drafted a technical proposal to manage traffic in the Strait of Hormuz through two separately controlled routes. This diplomatic initiative aims to resolve the current deadlock between the U.S. and Iran and bypass disagreements over the June 17 memorandum. By proposing this dual-route management, Oman seeks to provide a technical solution that ensures the continued flow of global energy supplies away from rising military tensions.
Oman's move comes at a critical time for oil majors, as markets closely monitor threats to a waterway through which approximately 20% of global oil consumption passes daily, according to U.S. Energy Information Administration data. Regarding peer performance, Shell (SHEL.L) closed at 3038.50p and BP (BP.L) at 482.65p as of July 10, 2026. Meanwhile, U.S. giants ExxonMobil (XOM) and Chevron (CVX) stood at $138.825 and $176.40 respectively on the same date, reflecting a cautious stance across the energy sector (per market data).
Investors are now focused on the looming July 19 deadline for lifting the blockade, making the Omani proposal a vital pivot for avoiding further escalation. Based on closing prices on July 10, 2026, XOM is at $138.825 and CVX is at $176.40; these levels will likely react to the international acceptance of Oman's initiative. With no immediate energy-specific catalysts in the upcoming economic calendar, the market remains tethered to real-time diplomatic developments.