Iran’s Foreign Minister Abbas Araqchi arrived in Oman on Saturday to engage in discussions aimed at securing the safe passage of vessels through the Strait of Hormuz amid rising tensions between Tehran and Washington. The Strait, a critical maritime chokepoint through which nearly one-fifth of the world’s oil shipments pass, has been a focal point of conflict since the outbreak of hostilities earlier this year.
Despite an escalation of hostilities earlier in the week, no attacks were reported on Friday or early Saturday. A senior Iranian source indicated that a phone call involving Iran, the United States, Qatar, and Pakistan was being arranged to take place while Araqchi was in Oman. Oman has played a mediating role in efforts to resolve the conflict, which began after the United States and Israel launched airstrikes on Iran on February 28.
US President Donald Trump confirmed on Friday that, although the ceasefire between the two countries had ended, both sides had agreed to continue dialogue at Iran’s request. Trump emphasized on his social media platform that the ceasefire was over but expressed willingness to negotiate. Senior US officials stated that Washington is demanding a public Iranian pledge to cease attacks in the strait and ensure that all shipping lanes remain open and free of tolls. They described the recent attacks on vessels in the region as resulting from an "errant part" of Iran’s system, a characterization seen as an attempt to defuse tensions.
Iran has not claimed responsibility for the attacks on shipping but analysts suggest such actions may be used as leverage in ongoing negotiations. Araqchi accused the United States of violating the ceasefire after Washington revoked licenses permitting the sale of Iranian crude oil following the attacks. “There can only be mutual compliance,” he wrote on social media. Iran’s Fars news agency later quoted sources stating no negotiations would proceed until the US shifts its position.
The conflict has deepened since February, causing thousands of deaths and disrupting global energy supplies, leading to heightened fears of an economic downturn. Tehran has established a de facto control over the Strait of Hormuz, resulting in a military stalemate.
Meanwhile, the United States imposed new sanctions targeting key financiers linked to Iran’s new Supreme Leader, Ayatollah Mojtaba Khamenei, and other individuals and entities. Among those sanctioned is Ali Ansari, an Iranian banker and businessman based in Dubai, accused of diverting public funds to benefit the Islamic Revolutionary Guard Corps (IRGC) and government elites. The US Treasury Department also targeted exchange houses and front companies allegedly used to facilitate illicit financial activities on behalf of Iranian banks.
State Department officials described these sanctions as efforts to disrupt Iran’s access to foreign currency and international financial networks, while Treasury Secretary Scott Bessent pledged to use all available tools to isolate Iran’s leadership financially. Iran's Foreign Minister responded by accusing the US of breaching the memorandum of understanding signed last month, which included commitments not to introduce new sanctions or additional military deployments in the region.
In a statement marking the funeral of former Supreme Leader Ayatollah Ali Khamenei, his successor vowed revenge for his death, pledging action regardless of circumstances. Tehran’s top negotiator, Mohammad Baqer Qalibaf, asserted via social media that the war would not conclude with Iran’s surrender.
As the conflict continues, oil prices have risen sharply after weeks of decline, reflecting the fragile situation in the Gulf and its potential impact on global markets. Diplomatic efforts led by Qatar and Oman continue in an attempt to prevent further escalation in a region of significant strategic and economic importance.