Qatar says Oman-Iran talks reach advanced stage

Talks between Oman and Iran have reached an advanced stage, Qatar’s Foreign Ministry spokesperson said on Tuesday.

Speaking at a press conference, Majed al-Ansari said the negotiations were at a “critical juncture” and stressed that Doha supports all efforts to ease tensions in the region.

“As mediators, we want the Strait of Hormuz reopened as soon as possible,” al-Ansari said.

Qatar said it has received positive feedback from both Oman and Iran and supports any arrangement that guarantees the security of the Strait of Hormuz and freedom of navigation.

Market reaction

West Texas Intermediate (WTI) Oil fell sharply from an intraday high of $83.57 following the comments. At the time of writing, WTI trades around $81, while holding most of Monday’s 6.66% gain.