Michael Stephens of the Royal United Services Institute says Iran, Oman and the
GCC are holding behind‑the‑scenes talks on maritime traffic management in the
Strait of Hormuz. It is unclear whether Iran and Oman have agreed transit fees.
Stephens says Oman engaged Iran with GCC acquiescence, which suggests the GCC
has accepted a 'new reality' for the strait. US Treasury Secretary Scott Bessent
has argued a new pipeline would make the strait 'irrelevant', but Stephens warns
pipeline construction will take time. He adds that, as talks enter a new phase,
Iran is strengthening its bargaining position and the US should not treat the
situation as a political or strategic victory.
