Iran-Oman Hormuz Reopening Talks

Iran and Oman are negotiating a proposed deal to partially reopen the Strait of Hormuz, a critical oil shipping route. The agreement, still under review, would keep the route active for two to four months but does not constitute a full reopening. Iran has conditioned normalization on the US lifting its blockade on Iranian ports. The talks have created uncertainty in oil markets, supporting crude prices. Additionally, Houthi rebels in Yemen claimed a missile attack on a Saudi oil tanker in the Gulf of Aden, and Ukraine intensified drone strikes on Russian oil infrastructure, further tightening supply concerns. OPEC approved a final production increase for September, but its implementation may be challenged by regional instability.