Tensions on the Persian Gulf have been simmering for months, but a breakthrough in diplomatic talks between Iran and Oman could be on the horizon. The two nations are reportedly closing in on an agreement that would govern the Strait of Hormuz, a critical waterway through which a fifth of the world's oil supply passes, including a significant portion of the oil exported by Saudi Arabia and other Gulf states. A deal would ease pressure on the global economy, which has been buffeted by rising oil prices and concerns over supply disruptions. If successful, the agreement could also help to reduce tensions in the region and potentially pave the way for an end to the ongoing conflict.
Iran and Oman inched toward an agreement on the critical waterway that could ease pressure on the global economy and potentially help bring an end to the war.
