Iran, Oman negotiate Hormuz deal as Trump seeks credit without involvement

Recent reports indicate that Iran and Oman are in the process of negotiating a new arrangement for the Strait of Hormuz, with regional stakeholders showing support for locally driven solutions. This development was highlighted by journalist Sharmine Narwani, who suggested that former U.S. President Donald Trump is attempting to assert influence over the deal, despite not being involved in the negotiations. The focus has shifted towards Gulf states endorsing regional management approaches, which marks a departure from relying on U.S. intervention or approval. The Strait of Hormuz, a vital maritime passage, has been central to discussions following recent U.S.-Iran tensions and ceasefire talks. Ongoing negotiations between Iran and Oman aim to establish a new understanding concerning the strait’s usage, which could potentially reduce tensions in the region. Markets appear to interpret these developments as indicative of declining U.S. influence over the situation, affecting the likelihood of a U.S.-Iran agreement being reached by the upcoming deadline. Market participants have adjusted their expectations accordingly, with a notable decrease in the probability of a U.S.-Iran agreement...