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The United States has initiated "powerful" strikes against Iran, a retaliatory measure for recent attacks on three oil tankers in the crucial Strait of Hormuz. This action escalates the ongoing conflict, which has significantly disrupted global oil supplies.

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There is progress between Oman and Iran on the strait, and we expect a deal soon.

Amidst the heightened tensions, a US official expressed optimism about progress in negotiations between Iran and Oman. The official, who spoke on condition of anonymity, suggested that an agreement to reopen the Strait of Hormuz could be imminent. Such a deal would be vital for resuming oil exports, as approximately one-fifth of the world's oil transited the strait before the conflict began.

However, the situation remains complex. Iran has been accused of using the hostilities to justify charging tolls on tankers and firing on unauthorized vessels. These disruptions have contributed to surging energy prices and inflation worldwide. The Abu Dhabi National Oil Company reported that 15 of its vessels were struck in the Strait of Hormuz, resulting in one crew member's death and 20 injuries.

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Once the deal is announced to restore commercial shipping without impediments, the United States will lift the blockade of Iranian ports.

In a separate development, Saudi Arabia, Pakistan, and Turkey have signed a joint defense agreement in Mecca. This pact among three US allies aims to bolster collective deterrence against aggression. While Turkey stated the agreement is purely defensive and not aimed at any specific country, it arrives during a period of heightened tensions with Iran.

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As always, US actions will continue to be performance-based and tied to Iran’s implementation of its commitments.