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Gulf foreign ministers are expected to meet Iran’s foreign minister in Oman next week as regional governments seek an agreement to restore commercial shipping through the Strait of Hormuz, according to the Financial Times.
The Oman-led meeting is scheduled for Monday in the coastal city of Salalah, the FT reported, citing two people familiar with the plans. Several Gulf states have reportedly agreed to participate, and the gathering is expected to proceed as scheduled.
Talks will focus on securing regional support for a temporary arrangement to manage commercial shipping through the Strait of Hormuz, where disruptions have severely restricted global oil flows during the U.S.-Iran war.
Pressure on Gulf shipping routes is also increasing elsewhere. Tensions between Saudi Arabia and Yemen’s Houthi group have raised concerns about potential disruptions through the Bab el-Mandeb strait, another critical passage for global energy and maritime trade.
Iran and Oman indicated in August that they were nearing an agreement to reopen shipping through Hormuz. However, any deal could require approval from Washington because the United States continues to maintain a naval blockade of Iran.
The U.S. has also opposed an Iran-Oman agreement that excludes Washington and has cautioned other Gulf countries against negotiating independently with Tehran.
Prospects for de-escalation remain uncertain. U.S. and Iranian forces carried out some of their most serious attacks on shipping this week since the conflict began in late February. The U.S.-Iran war is approaching its seven-month mark later in September.
Oil markets have reacted sharply to the escalating risks. Crude prices surged this week as traders assessed the possibility of further supply disruptions across the Middle East.
Shipping through the Strait of Hormuz remains at only a fraction of prewar levels. Before the conflict, the strategic waterway handled roughly 20% of global oil supplies, making any agreement to restore commercial traffic potentially significant for oil prices, Gulf economies and global energy markets.
