At the narrow throat of the Persian Gulf, where geography has long translated into power, Iran and Oman are drafting an agreement that would formalize sovereign control over one of the world's most consequential waterways. The Strait of Hormuz has been effectively sealed since February, when US and Israeli strikes reshaped the regional order, and the two nations now seek to negotiate a new architecture of transit lanes and service fees. Yet the agreement exists, for now, as aspiration rather than reality—its implementation held hostage to a Washington that views Iranian control of the strait n