Abbas Araghchi reports progress on Iran-Oman negotiations to manage the Strait of Hormuz waterway
Iran's foreign minister, Abbas Araghchi, stated that discussions between Tehran and Oman regarding the management of the Strait of Hormuz are in the final stages. These negotiations aim to secure more ships moving through the waterway, following a period of which President Trump called off a major attack on the Islamic Republic. Crude oil prices fell significantly today, with Brent crude dropping about 4.5% to just over $83 a barrel. This market movement follows the news of the final stages of the Iran-Oman talks. While Iran is negotiating a new route, the waterway itself remains mined by Iran and may require clearing before regular vessel passage is allowed. President Trump said a deal to open the waterway may be close and that new talks with and Iran would begin on Monday. He also noted that he had canceled U.S. strikes after lobbying from Iran and Middle Eastern countries. Meanwhile, the U.S. and Japanese governments have taken joint action to defend the yen, with Japan spending an estimated $53 billion in a single day to strengthen the currency.