Iran-Oman Talks Advance as Oil Prices Plummet Amid Hornuz Tensions

Oil prices plummeted on Monday as Iran's foreign minister, Abbas Araghchi, announced that discussions between Tehran and Oman over managing the Strait of Hormuz are in their final stages.

The announcement came after President Donald Trump called off what he described as a major attack on Iran, following lobbying from Iran and Middle Eastern countries.

Trump said Saudi Arabia, the United Arab Emirates, and Qatar had all urged him to give diplomacy more time.

Iran's foreign minister emphasized that discussions with Oman are about creating a 'temporary' route to ensure ship safety, rather than opening the strait as a whole.