Oman announced on Sunday that planned talks with Iran about the future of the Strait of Hormuz had been cancelled “in the interests of consensus,” ending hopes of a diplomatic breakthrough in the near term. Foreign Minister Sayyid Badr Albusaidi said the meeting had been postponed without a clear alternative date, but the country remains committed to fostering dialogue that supports stability and lasting cooperation in the region.
Iranian officials had expected to attend a gathering with Gulf Arab states to present an agreement on governing shipping routes through the Strait, which carries about a fifth of global oil supplies. Shipping companies warn that formal control could set a dangerous precedent and give Iran more leverage in future talks with the United States. The channel remains a risk for oil shipping, as a vessel was struck by a projectile during transit, causing a fire and crew evacuation, and oil prices surged to $102.35 on Monday.
U.S. President Donald Trump has said the United States is open to negotiating with Iran again, posting on Truth Social that Iran wants a quick deal and that the U.S. will decide whether to engage. Trump also claimed that the rise in diesel prices is largely due to the Russia‑Ukraine war, not the conflict in Iran. Meanwhile, oil and gas prices climbed after Saudi Arabia shut down a vital east‑west pipeline in response to drone attacks, pushing a barrel of Brent crude to $108.
Yemen’s Houthi rebels seized the strategic islands of Greater and Lesser Hanish in the southern Red Sea, bolstering their control of key maritime routes. The move, backed by Iran, has increased pressure on Saudi Arabia’s oil exports, already diverted from the Strait of Hormuz. Iran has blamed Saudi Arabia for Oman’s decision to postpone the meeting, while the United States continues to monitor activity at Iranian sites such as Pickaxe Mountain, following Trump’s threats of a strike.
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