$100 Oil Puts Iran in Stronger Position Ahead of GCC Meeting
Oil prices have surged above $100 a barrel this week, with Brent climbing as high as around $109 and WTI moving above $104. The sharp increase in oil prices gives Iran greater leverage in negotiations as it seeks to restore diplomatic efforts and de-escalate the conflict.
The foreign ministers of the six-member Gulf Cooperation Council are expected to meet their Iranian counterpart in Oman on Monday, marking the first high-level diplomatic gathering between Iran and the GCC since the war began. The meeting is a result of pressure from Islamabad, which has been pressing Tehran to rein in the Iran-backed Houthis following their attacks on Saudi Arabia.
The key issue remains the Strait of Hormuz, through which a significant share of global energy supplies passes. Iran and Oman have been working on an interim arrangement that could facilitate shipping through the waterway, but an agreement between Iran and Oman alone is unlikely to fully reopen the strait.