Capital of Oman; a strategic Gulf port and governance hub
Brent crude has climbed near $90 a barrel after renewed US strikes on Iran and retaliatory attacks have disrupted shipping through the Strait of Hormuz and threatened alternate routes. Market risk has increased as Houthi moves against Saudi-linked shipping and US warnings and strikes have depleted spare reserves, pushing prices and fuel costs higher.
LIV Golf is confronting a funding shortfall after the Saudi Public Investment Fund withdraws backing at year-end. The league is seeking about $260 million, with Indianapolis likely to host upcoming events and Michigan deemed unlikely. Investors’ decisions will shape LIV’s 2027 viability.
Ukraine has carried out long-range strikes in the Caspian Sea that hit a vessel Tehran says was Iranian, killing one sailor and wounding others. Iran has summoned Ukraine’s chargé d’affaires, labelled the attack "hostile and criminal" and warned of retaliation; Kyiv has said it targeted ships moving military cargo linked to Iran and called Iran's threats unjustified.
The United States has paused nightly airstrikes on Iran and Tehran has halted retaliatory attacks for at least two days while mediators from Qatar, Pakistan and Oman exchange messages. Advisers warned President Donald Trump that continued strikes risked depleting munitions and running out of targets; oil prices have fallen as markets price the lull.
Iran has ruled out Oman’s 50-50 regional management for the Strait of Hormuz, insisting on control of its side and opposition to a wide sharing arrangement. Oman proposed a Malacca-style model with voluntary fees to stabilize shipping after disruptions from the US-Israeli war. Officials say talks are progressing step by step, but hardliners remain skeptical about concessions.
The movements of personnel and equipment between Harir Air Base, Erbil, and the US consulate are described as preparation for the withdrawal of remaining US troops under the 2024 agreement. Washington and Baghdad have framed the shift as a routine repositioning and a step toward ending the mission by September.
Shipping through the Strait of Hormuz has ground toward a halt this weekend as a 60‑day ceasefire between the U.S. and Iran has reached its expiry and negotiations remain stalled. Kpler data shows single‑digit daily transits; Iran has repeated demands that the U.S. lift its naval blockade, remove sanctions and pay reparations, while the U.S. says it can maintain the blockade indefinitely and is planning further economic pressure.
Iran and Oman are moving toward a joint, temporary shipping route through the Strait of Hormuz. Tehran says the arrangement is near finalisation but does not guarantee a full reopening of the strait. U.S. officials anticipate a broader peace framework is still necessary, and regional actors warn that security remains tied to American policy and broader ceasefire talks. Oil markets respond with volatility as talks continue.
The 60-day window for a comprehensive Iran-US peace deal has expired. Talks over reopening the Strait of Hormuz remain unsettled as both sides accuse the other of violations. Trump has publicly claimed a backchannel with Iran’s IRGC, while Iran and Oman pursue a route to restore shipping lanes.
The latest sanctions have intensified economic pressure on Tehran as a U.S.-led effort to reopen the Strait of Hormuz stalls. Tehran says it will respond with intensified measures while Washington maintains its economic campaign.
Iran and Oman have agreed a phased framework to create a temporary navigational corridor and a joint mine‑clearance project for the Strait of Hormuz. The route would route inbound traffic through Iranian waters and outbound traffic partly through Omani waters; technical talks will continue on a permanent arrangement. The strait remains effectively closed until political conditions are met.
Qatar has pressed for unimpeded Hormuz shipping and is coordinating with China as regional diplomacy intensifies. Doha says reopening the Strait must be unconditional, while mediation efforts continue amid stalled US-Iran talks and renewed attacks.
Gulf states and Iran have been negotiating a temporary shipping framework for the Strait of Hormuz amid ongoing war-related disruptions. Oman and Iran are coordinating on routes while Bahrain has declined participation. Oil-price volatility remains as markets watch for a regional security framework to emerge.
Trump has reiterated that the Iran war should end this year and links the outcome to oil policy, saying the U.S. could stay and keep the oil like Venezuela if negotiations stall. He also notes that gasoline prices would drop once the conflict ends, as diplomacy stalls over the Strait of Hormuz.
The Pentagon inspector general has reported that Operation Epic Fury has cost $33.4 billion from 28 February to 30 June, including $22.3 billion on expended munitions. The report has found strategic inventory shortfalls, industrial bottlenecks for resupply, and millions in damage to aircraft, drones and diplomatic facilities.
Houthi forces have seized islands and ports on Yemen's Red Sea coast, taken control of access to the Bab al‑Mandeb strait and stepped up missile and drone attacks on Saudi Arabia. Saudi air defences have said they have intercepted incoming drones and missiles while shipping and global oil routes have been disrupted and prices have risen.
US and Iranian officials have held three hours of indirect talks on the sidelines of the UN General Assembly in New York. President Trump has described the session as "very productive" and said he faces a "big decision" about whether to pursue a deal or escalate military action. Gulf states are pressing for a route to reopen the Strait of Hormuz and plan further diplomacy.
Iranian civil aviation has suspended flights to several regional destinations amid U.S. sanctions pressure. Iraqi authorities are diverting potential flights to Najaf as Baghdad considers rerouting Tehran-bound services. Iran insists remaining international routes—including Istanbul—will operate as scheduled.
Houthi forces have launched a missile and drone attack on the al-Maashiq presidential palace in Aden, hitting command centres used by Yemen's Saudi-backed government and coalition forces. Officials have reported multiple deaths and wounded, government leaders in Aden are reported safe, and Saudi Arabia has accused Iran of encouraging the escalation while vowing to defend its territory.