Iran, Oman Progress in Talks on Reopening Key Waterway

Iran and Oman have made progress in their talks to manage the critical Strait of Hormuz waterway, according to CBS News. The discussions are part of ongoing efforts to de-escalate regional tensions between Iran and the US.

Omani mediation has played a key role in attempting to establish frameworks for peace and security in the region.

Market pricing currently reflects an 8.5% probability of US-Iran diplomatic meetings occurring by July 31, with a more optimistic 45.5% probability for meetings by August 31.