GCC Ministers to Meet Iran Over Strait of Hormuz Shipping Deal

SALALAH: Foreign ministers from the six-member Gulf Cooperation Council (GCC) are expected to meet their Iranian counterpart in Oman next week as regional powers push for a temporary arrangement to facilitate shipping through the strategically vital Strait of Hormuz, the Finance Times said in its report.

The meeting, reportedly scheduled for Monday in the Omani coastal city of Salalah, is part of an Omani-led diplomatic effort to secure regional backing for a temporary Iran-Oman agreement aimed at managing commercial shipping through the waterway.

The proposed arrangement would allow vessels to enter the Strait of Hormuz through Iranian waters and exit largely through Omani territorial waters, according to people familiar with the discussions.

However, diplomats say a full reopening of the strait would ultimately require an understanding between Iran and the United States.

The GCC includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman. Several Gulf states have maintained diplomatic channels with Tehran despite escalating tensions and Iranian missile and drone attacks in the region.

Oman has taken a neutral position during the conflict and has held weeks of talks with Iran over a temporary shipping corridor. The proposed arrangement is intended to allow commercial vessels to transit the waterway without paying fees while a longer-term agreement is negotiated.

The Strait of Hormuz is one of the world’s most important energy chokepoints, carrying a significant share of global oil and gas supplies. Disruptions to shipping through the waterway have raised concerns over energy supplies and pushed international crude prices higher.

Iran has reportedly linked the full reopening of the strait to several US concessions, including lifting restrictions on Iranian ports, restoring an oil sales waiver and allowing Tehran access to some overseas assets.

Washington, meanwhile, has rejected a return to an earlier memorandum of understanding and is seeking a broader agreement that would also address Iran’s nuclear programme, according to people briefed on the talks.

There are currently no direct negotiations between Iran and the United States, although mediators are maintaining diplomatic back channels in an effort to revive talks.

Qatar has also stepped up diplomatic efforts, with a delegation visiting Tehran twice last week as regional governments seek to prevent further escalation.

The urgency has increased following renewed Houthi activity in Yemen aimed at asserting control over the Bab al-Mandeb, another critical maritime trade route.

Brent crude, the global oil benchmark, rose to around $105 a barrel on Thursday as concerns over disruptions to Middle Eastern energy supplies intensified.