Michael Stephens, an analyst at the Royal United Services Institute for Defence Studies, said that Iran, Oman, and the Gulf Cooperation Council (GCC) are holding behind-the-scenes consultations on maritime traffic management in the Strait of Hormuz. It is unclear whether Iran and Oman have reached an agreement on tolls for ships entering and leaving the strait. Stephens stated that, to his knowledge, Oman is engaging in discussions with Iran with the "tacit approval" of the GCC, which seems to indicate that the GCC has accepted the "new reality" of the Strait of Hormuz. Although US Treasury Secretary Scott Bessant stated that the new pipeline would render the strait "irrelevant," Stephens pointed out that pipeline construction will take time. Meanwhile, he analyzed that "as we enter a new phase of negotiations, Iran is strengthening its bargaining power," and the US is unlikely to view this situation as a political or strategic victory.
