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Global Economy · Saturday, September 12, 2026 · 2 sources

GCC and Iran to meet Monday on reopening Strait of Hormuz, oil slides

Foreign ministers from Gulf Arab states and Iran plan to meet Monday in Salalah, Oman, to negotiate reopening the Strait of Hormuz, per the Financial Times. The strait has been closed since late February. Oil prices slumped on the prospect of restored supply, while US inflation data solidified market expectations of a Federal Reserve rate hike next week.

Bottom line — The Strait of Hormuz closure has disrupted oil exports from the Gulf since late February.

Go deeper (7)

  • The meeting is initiated by Oman, according to the FT, and follows a joint statement by Iran and Oman in August that they were close to reopening the strait.
  • Washington issued a stern warning to Gulf countries against yielding to Iran's terms, the Nasdaq report said.
  • Crude oil prices slumped sharply on expectations of a reopening, while gold edged up €1.88 ($2.10) to €3,907 ($4,375.80) per troy ounce, per RTTNews.
  • US core consumer prices rose 0.3% month-on-month in August, above the 0.2% forecast, Bloomberg reported.
  • Traders now see an 86.5% chance of a 25-basis-point rate hike at the Fed's September 15-16 meeting, according to the CME FedWatch Tool.
  • The Bloomberg Dollar Spot Index ended the session little changed after wavering throughout the day.
  • The Houthi rebel group captured the port city of Mocha, increasing concerns it could close the Bab al-Mandab Strait, Reuters reported.

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Last generated: Sep 12, 9:06 AM UTC by wreetco wreetco

dstld. Your daily news summary designed to surface the news that matters from a European perspective. Curated by humans, summarized by AI - always with links back to the original reporting.

Links · Contact
Popular topics · WorldEuropeGamesAI
Last generated: Sep 12, 9:06 AM UTC by wreetco wreetco