Iran’s Foreign Minister Abbas Araqchi arrived in Muscat, Oman, on Saturday for diplomatic negotiations. These talks aim to ensure safe passage through the Strait of Hormuz following a week of military escalation. Recent U.S. airstrikes and Iranian retaliatory attacks on bases and tankers have nearly halted shipping in the waterway.
Oman is mediating the discussions after President Donald Trump formally ended a fragile ceasefire. The U.S. is seeking a public pledge from Iran to guarantee secure transit for all vessels. Officials view this engagement as a critical step to de-escalate a conflict causing significant energy market volatility.
The week’s hostilities drove Brent crude to a weekly gain of over 5.5%. This conflict threatens a major supply artery while global inventories remain at low levels. Although no new attacks were reported Saturday, the market remains vulnerable to a sustained supply shock at this critical chokepoint.