Commercial ships anchored at Port Sultan Qaboos in the vicinity of Port Qaboos in Muscat, Oman on June 21, 2026.
Elke Scoliers | Getty Images News | getty images
Oman’s reputation for neutrality has earned it the nickname “Switzerland of the Middle East”.
But the country, which lies south of the Strait of Hormuz, has been pursuing a deliberately opaque diplomatic strategy in discussions about tolls for the vital waterway, and the market has a “blind spot” for what might happen next, analysts told CNBC.
Oman has served as a key mediator in regional crises and remains one of the few countries trusted by both Tehran and Washington eager to restart flows through the strait after it was blocked during the war, which has triggered a global energy crisis.
Located on the southeastern coast of the Arabian Peninsula, across the strait from Iran, Oman is in joint talks with Iran on a new maritime security order. reports Both countries may push for establishing transit fees.
Oman has said any deal would comply with international law, although the prospect of a financial system on the waterway that normally handles about 20% of the world’s oil has raised concerns.
Can Oman charge in the Strait of Hormuz?
Analysts told CNBC that Oman’s ability to impose service fees is within strict legal limits, given that the strait is governed by the principle of transit passage, which does not allow states to charge ships for passage. However, service charges may be a way to avoid this.
Markets are prone to price distortion risk but less attention is paid to governance risk. That creates a blind spot.
neil quilliam
Associate Fellow at Chatham House
Denia Thafar, executive director of the Gulf International Forum, a Washington, DC think tank, said Oman’s position on charging fees or on the toll system was possibly intentionally vague.
“You have a regional power like Iran, and then you have a global power, the United States, that is putting pressure on Oman,” Thafar told CNBC in a phone interview.
“So, they are trying to use a degree of strategic ambiguity to try to stay out of the conflict as much as possible and not weaken these very strong players.”
Locals visit Muscat Anchorage near the Strait of Hormuz in Muscat, Oman on March 30, 2026. Several Chinese-owned ships were reportedly able to transit the Strait of Hormuz today, a day after US President Donald Trump said Iran would allow up to 20 ships to transit through the vital waterway.
Elke Scoliers | Getty Images News | getty images
Thafar said that if Gulf states and key international actors give Oman the green light, the country would likely move forward with a type of fee service system in the Strait of Hormuz.
He said that although it would be seen as a political disappointment for fees or tolls to be implemented, markets would “react accordingly” to conditions that once again allow safe passage of ships.
Oman’s Foreign Ministry spokesperson was not available for comment when contacted by CNBC.
Oman’s position between Iran and Washington
The US has strongly opposed any tolls in the Strait of Hormuz.
The administration of US President Donald Trump had earlier also threatened “Aggressively“Impose sanctions against Oman if it is seen helping Iran in setting up a tolling system.
Treasury Secretary Scott Besant said, “All nations should roundly reject any efforts by Iran to disrupt the free flow of commerce.” Said In a post on May 28 on
Under the terms of the memorandum of understanding the US and Iran signed on June 17, Tehran cannot impose tolls on ships during 60 days of talks to find a permanent solution.
However, Iran remains focused on the possibility of gaining international recognition of its control over the Strait of Hormuz, Reuters informed on Wednesday, citing two senior Iranian sources. This includes the ability to impose fees on ships entering or leaving the Gulf, the report said.
Andrew Leber, a non-resident scholar at the Carnegie Middle East Program, said Oman’s reputation as a mediator has made it “increasingly caught” between Tehran’s demand for some kind of toll in the strait and America’s demand that it not happen.
“As a result, we have seen Omani diplomats repeatedly insist that no tolls will be charged and that ships may be asked to pay a fee that will be called something other than a toll,” Leber told CNBC by email.
This aerial photo shows a view of the Muttrah Corniche in Muscat on February 4, 2026.
Haitham Al-Shukairi | AFP | getty images
The challenge for Oman, Labor said, is that its geography means it has a direct stake in whatever happens in relation to the Strait of Hormuz. He said the country has security reasons and financial interests to either go along with Iran’s plan or charge some kind of fee, provided Oman also gets a cut.
Labor said, “It is very likely that Oman will continue to co-sign some kind of Iranian service-fee scheme or take a soft stance on it, as long as it does not bring it into direct conflict with its Arab neighbors or the United States.”
Oil market’s ‘blind spot’
Neil Quilliam, an energy policy, geopolitics and foreign affairs expert at Chatham House who focuses on the Middle East and North Africa, said the combination of geography and diplomacy gives Oman influence over the rules, procedures and future arrangements governing the Strait of Hormuz.
“The risk of disruption is priced into the market, but less attention is paid to governance risk. This creates a blind spot,” Quilliam told CNBC by email.
“Changes in how the filibuster is managed, even if gradual and negotiated, could change costs, compliance requirements and insurance dynamics without a dramatic security incident,” he said.