US and Iran Teeter on Brink as Oil Prices Remain Volatile

Iran has stepped up diplomatic efforts to avert another round of US strikes on its territory. Foreign Minister Abbas Araqchi warned Gulf states that any fresh US strike would trigger retaliatory attacks on critical energy infrastructure across the region.

Tehran confirmed progress with Oman on a proposed framework to manage shipping through the Strait of Hormuz, one of the world's most critical oil chokepoints. However, key disagreements remain over the extent of Iran's control over commercial shipping.

The US and its allies have been at odds with Iran over the past few years, with tensions escalating in February 2026. The conflict has had a significant impact on global energy supplies and regional stability.