Iran Official Downplays Hormuz Strait Deal Prospects at Oman Summit

A senior Iranian official stated on Saturday that an upcoming meeting in Oman between Iran and Gulf states, scheduled for Monday, will serve as an opportunity to discuss various issues, including the Strait of Hormuz. However, the official expressed doubt that a formal agreement regarding the vital waterway would be signed during the summit. Iran has been engaged in negotiations with Oman for months concerning an agreement to regulate maritime traffic through the Strait, which Oman oversees from its side. Oman has consistently stated that these negotiations have the backing of other Gulf Arab nations. Tehran announced its intention to participate in the meeting on Friday. Oman has not officially confirmed the summit, and other Gulf states have yet to comment. Bahrain announced on Saturday that it would not attend any meetings with Iran.

The Iranian official, speaking anonymously, indicated that the Monday meeting was initiated by Oman and would provide a platform for discussing other regional matters alongside the Strait of Hormuz issue. The official added that Iran continues to pursue an agreement that would allow it to impose fees on vessels transiting the Strait, a proposal that Oman rejects. Approximately 20 percent of global oil supplies passed through the Strait before the United States and Israel launched an attack on Iran in February, which led to the outbreak of war. Global oil prices surged last week following exchanges of fire between the U.S. and Iran targeting oil tankers in the Strait, and as Iran-allied Houthis in Yemen advanced near another crucial Middle Eastern oil route, the Bab el-Mandeb Strait.