Iran and Oman are currently working on an agreement that would enable the management of the Strait of Hormuz and allow the two countries more control over the strategic shipping route.

Iran to Get 5-7% Toll, Oman 3%

The agreement that is currently in works will allow Iran to charge ships a transit fee equal to 5% to 7% of the value of their cargo transiting the Strait of Hormuz as a toll and Oman 3%, taking the total to around 8% to 10%.

Iranian Deputy ​Foreign Minister Kazem Gharibabadi, in a statement to Iran’s IRNA news agency cited by Reuters, said that the agreement with Oman will see ships travel through "Iranian territorial waters, both on the inbound and outbound legs."

Prediction Market Odds Surge

Amid signs that the deal between the two countries is progressing, prediction market odds have surged.

Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract "Iran-Oman Hormuz Management Agreement by…?"

Over $39,000 has been bet on the contract so far.

Bettors have placed an 84% probability that Iran and Oman will reach an agreement by August 15, up by 20%. The odds further rise to 89% for August 31, up by 37%.

Read Also: Iran Seeks 5%-7% Strait of Hormuz Toll, Oman Backs 3% as Officials Deny Trump Deal Is Imminent: Report

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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