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Iran-Gulf Talks to Address Strait of Hormuz
It is noted that the foreign ministers of the Gulf Cooperation Council countries plan to meet with their Iranian counterpart, Abbas Araqchi, in the Omani city of Salalah next Monday, with the aim of negotiating a temporary agreement to manage navigation in the Strait of Hormuz. This meeting is part of an initiative led by Oman and Iran to improve coordination and increase mutual understanding, especially after the number of ships transiting the strait declined to its lowest levels following escalating tensions. The number of vessels has decreased from 11 to 7 yesterday, despite the normal rate being around 15 ships per day. Currently, the Strait of Hormuz is experiencing limited activity, with two empty tankers belonging to QatarEnergy leaving the area after observing multiple empty vessels both passing through and returning from the strait. This comes amidst navigation difficulties caused by political and economic conditions, which are affecting the passage of oil and natural gas shipments—previously accounting for about 20% of global oil supplies before the escalation of conflicts and sanctions.
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