Oman Postpones Iran Meeting Amid Rising Oil Prices and Regional Tensions

The Middle East diplomatic efforts hit a snag as Oman postponed a planned regional meeting with Iran. The decision came amid rising oil prices, with Brent crude topping $107 per barrel.

According to Oman's Foreign Minister Badr Albusaidi, the meeting was postponed 'in the interests of consensus.' He added that Muscat remains committed to fostering dialogue that supports stability and lasting cooperation in the region.

The postponement comes as Iran and Oman work toward an agreement on jointly managing the Strait of Hormuz, giving both countries greater control over the strategic shipping route.

Saudi Arabia's shutdown of its pipeline, which serves as the main route for Middle East oil to bypass the Strait of Hormuz, has added pressure to the situation. The pipeline outage has traders concerned, with Riyadh having only five to seven days of stored oil at its Red Sea port of Yanbu if the pipeline remains offline.