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A very relieving news is emerging to reduce the long-running geopolitical tension in the Middle East. Neighboring country Oman has taken a big step by playing the role of mediator to end the ongoing deadlock in the world’s most sensitive maritime trade route ‘Strait of Hormuz Crisis’. Oman has presented a very strong and practical plan for the security and restoration of peace in this sea route. There are speculations in diplomatic circles that if a consensus is reached on this plan, then the major threat of global oil crisis can be averted.
Why is the Strait of Hormuz important for global oil supply?
Strategically and economically the Strait of Hormuz is like a lifeline for the entire world. Located between Oman and Iran, this narrow sea route connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. Almost one fifth of the total seaborne crude oil trade in the world, i.e. about 20 percent of the oil, passes through this route. The energy security of big Asian countries like India, China and Japan directly depends on the stability of this route. In such a situation, even a minor tension makes the prices of petrol and diesel skyrocket at the global level.
What is so special about Oman’s Dhansu plan?
Oman has always been known as a neutral and peace-loving mediator among the Gulf countries. This new peace proposal presented by Oman takes into account the interests of all parties. Under this plan, it has been suggested to create a joint navigation monitoring system to ensure safe movement of commercial ships in the Hormuz area, reduce military gathering in the area and prevent any possible conflict. Oman is trying to declare the commercial route completely safe in the ongoing battle for supremacy between America, Western countries and Iran.
Will Iran be ready for this agreement
The main key to this entire dispute lies with Iran, which has complete control over the northern part of Hormuz. Iran has threatened to block this route several times in the past when tensions escalate, putting it in direct conflict with the US and its allies. However, Oman’s proposal could prove to be a safe exit route for Iran, which is struggling with the current economic sanctions and internal challenges. Oman has very close and friendly relations with Iran, so it is believed that Iran can be brought to the table of this agreement through backchannel diplomacy.
What will be the impact of this peace agreement on India and the world?
If this panchayat of Oman is successful and Iran accepts this brilliant plan, then it will be a huge relief for the global economy. India imports a large part of its requirement from Gulf countries, hence peace on this route will keep oil prices stable in the country and logistics costs will reduce. Apart from this, in the era of AI search engines and modern generative engine optimization, this news can see huge positivity in the global markets, due to which there is every possibility of softening of crude oil prices.