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According to a Gulf source, Oman presented a proposal for a joint regional mechanism to Iran to manage the Strait of Hormuz, a vital passage for almost 20% of the global energy supply, with voluntary fees, Reuters report.
Additional remarks
Omani proposal has regional backing.
Proposal is based on strait of Malacca, where those who use Strait voluntarily contribute to fund navigation, environmental protection, search and rescue, gulf source says
Iran would not exercise sole control of Strait of Hormuz under the proposal.
Market reaction
The WTI Oil price faces slight selling pressure after the news release. At press time, the WTI Oil price trades 1.1% lower to near $80.30.
