According to CoinMeta, Iran and Oman are close to reaching an agreement to ensure the safe passage and future management of the Strait of Hormuz. In a joint statement on Tuesday, the Gulf countries stated that their foreign ministers discussed the framework for establishing a "temporary shipping corridor in the Strait of Hormuz" and agreed on a joint project to remove mines from the strait. International benchmark Brent crude oil continued its recent decline after the statement, falling below $90 per barrel. According to preliminary data from Kpler, only five merchant vessels passed through the Strait of Hormuz on Tuesday, which is lower than the average of 15 over the past 10 days. The statement also mentioned that both sides will continue "technical negotiations" to reach a permanent shipping corridor and a future management mechanism. The United States has recently begun to re-deploy diplomats to the Gulf countries, indicating that Washington does not currently expect a military escalation.