Iran, Gulf states to meet in push for Hormuz deal, FT reports

Foreign ministers from Gulf states are set to convene with their Iranian counterpart in Salalah, Oman, next week as part of an Omani initiative to reach a deal for commercial shipping through the Strait of Hormuz, according to the Financial Times. The meeting, scheduled for Monday, aims to secure support for a temporary arrangement to manage shipping through the channel, which has been experiencing significant disruptions due to the ongoing U.S.-Iran conflict.

The conflict has also escalated tensions in another vital shipping route, the Bab el-Mandeb strait, where Yemen's Houthi rebels are clashing with Saudi Arabia.

The dispute between Iran and Oman over the Hormuz deal has been ongoing since August, with both nations reportedly nearing a resolution. However, any agreement is contingent upon U.S. approval, given Washington's ongoing naval blockade of Iran. Despite this, both the U.S. and Iran have been involved in some of their most intense attacks on shipping since the conflict began in late February, with limited signs of de-escalation.

The U.S. has largely opposed any deal between Iran and Oman that does not include the U.S., and has cautioned other Gulf countries against engaging in negotiations with Iran. As the conflict enters its seventh month in September, oil prices have surged due to concerns over further supply disruptions, with Hormuz currently carrying only a fraction of pre-war shipping volumes. Prior to the war, the Strait of Hormuz accounted for approximately 20% of the world's oil supply.