Hormuz Diplomacy Lifts Oil Prices as Iran Meets with Gulf Neighbors
Oil prices plummeted by 2.9% to $104.52 per barrel on Friday as diplomatic efforts in the Middle East gained momentum.
A meeting between Iran and its Persian Gulf neighbors, including Saudi Arabia, is set to take place on Monday, with foreign ministers from the Gulf Cooperation Council (GCC) attending alongside their Iranian counterpart.
The gathering aims to reach a deal that could temporarily manage traffic in the Strait of Hormuz, but would not fully reopen it. Iran has insisted that the US must lift its naval blockade on Iranian ports first.
The US and Israel launched a war against Tehran weeks ago, causing tensions to rise in the region. The situation has left Saudi Arabia's oil exports vulnerable, with the country facing threats from Houthi forces in Yemen.