Iran and Oman are close to reaching an agreement to ensure the safe passage and future management of the Strait of Hormuz. The two countries stated in a joint statement on Tuesday that they have discussed the framework for establishing a "joint interim shipping corridor in the Strait of Hormuz" and a "joint mine-sweeping project." Affected by this news, international benchmark Brent crude oil fell below $90/barrel overnight. Meanwhile, the United States has so far not imposed large-scale secondary sanctions on other countries, including Chinese financial companies, allegedly assisting Iran's oil trade. China's Foreign Ministry spokesperson said on Tuesday that if the United States expands economic pressure on countries trading with Iran, China will take all necessary measures to resolutely safeguard its own rights and interests.