Gulf Nations Weigh Talks with Iran Over Crucial Oil Shipping Route

Gulf nations are considering talks with Iranian representatives about the future of the Strait of Hormuz. According to sources, Oman plans to convene foreign ministers from the six-nation Gulf Cooperation Council alongside Iran in Salalah on Monday. The gathering remains unconfirmed due to intensifying clashes between Saudi-supported militias and Iran-backed Houthi fighters in Yemen.

Tehran has maintained its demand for authority over Hormuz and has been debating a framework with Oman for regulating maritime movement, which would likely involve charges for ships passing through the strait. The U.S. and Gulf nations reject this idea.

Crude prices have climbed sharply this week as hopes for a swift resolution to the U.S.-Iran standoff have faded. Brent crude is poised for its largest weekly advance since July, with prices hovering around $104 per barrel following the International Energy Agency's caution about a worsening demand picture.