Gulf states weigh rare meeting with Iran next week on Hormuz

Fiona MacDonald and Alex Dooler, Bloomberg News on Sep 11, 2026

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A six-member bloc of Gulf states is weighing a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz, people familiar with the matter said, in what would be the first gathering with the Islamic Republic since war erupted more than six months ago.

Oman is aiming to get foreign ministers from the Gulf Cooperation Council and Iran together on Monday in Salalah, a southern Omani city, according to people familiar with the matter, who asked not to be identified discussing sensitive matters.

The meeting is not confirmed, the people said. Worsening hostilities between Saudi-backed forces and the Houthis, a group based in neighboring Yemen and supported by Iran, may complicate the plans, two of the people said. Even if it happens, it’s unclear if all states in the bloc, including Saudi Arabia, the United Arab Emirates, Qatar as well as Oman, will attend, the people said.

Oman’s foreign ministry didn’t immediately respond to a request for comment. The Financial Times first reported the meeting.

Oil prices have gained this week, with a near-term end to the war between the U.S. and Iran looking increasingly unlikely. Brent crude is on track for its biggest weekly advance since July, though declined more than 3% on Friday to about $104 a barrel after the International Energy Agency warned of a deteriorating outlook for consumption.

The conflict has reached a stalemate of sorts, with strikes between the sides over control of the Strait of Hormuz sporadic and at a low intensity. Both Tehran and Washington are preparing for it to continue for months, if not longer, Bloomberg has reported, with neither country prepared to make concessions that could lead to a resumption in peace negotiations.

The Strait of Hormuz, a vital conduit for global supplies of oil, natural gas and other commodities, was effectively closed after the U.S. and Israel began bombing Iran in late February. Washington is trying to force Tehran to allow ships free passage again, using a naval blockade to put pressure on the Islamic Republic.

Iran has insisted on retaining control over the waterway, and has been in talks for several weeks with Oman about a framework to manage maritime traffic. That would likely involve the payment of fees, which the U.S. and Gulf states are strongly against. It’s unclear if the GCC members would accept a temporary agreement that would lead to traffic picking up.

While U.S. military operations are hurting Iran’s economy, with the rial weakening rapidly and inflation accelerating to almost 90%, the country’s leadership is signaling it won’t relent on the strait or go back to negotiations until President Donald Trump lifts the blockade. It’s made clear it will keep retaliating against U.S. strikes on its ships and territory.

More ships have been sailing through Hormuz in the past two months. But they are mostly traversing covertly at night, with U.S. military protection and their transponders turned off. They’re coming under regular fire from Iranian missiles and drones.

Saudi Arabia and the UAE have managed to use pipelines to bypass the chokepoint for a large chunk of their crude exports. But the effective closure is still hurting their economies and deterring some investors and tourists from the region.

This week, Qatar announced a fiscal deficit in the second quarter that was its biggest in almost a decade. Saudi Arabia’s economy contracted in the same period.