Iran-Oman pact on Strait of Hormuz
Iran has reached an understanding with Oman regarding arrangements related to the Strait of Hormuz, but the implementation of the agreement depends on Washington fulfilling its commitments to Iran, especially amid increasing American economic pressures on Tehran and its sanctions targeting financial networks and entities outside Iran. This has led to a significant decline in the Iranian economy, with the gross domestic product decreasing from about $650 billion in 2012 to approximately $300 billion currently.
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