Geopolitical events
On July 11, 2026, Iranian Foreign Minister Abbas Araghchi arrived in Muscat, Oman, to commence emergency high--level negotiations aimed at restoring maritime security in the Strait of Hormuz. This diplomatic mission, supported by a U.S. delegation authorized by President Donald Trump, seeks to establish a "Neutral Shipping Corridor" to insulate global energy supplies from the West Asia War. Araghchi characterized the talks as a "pivotal opportunity" to prevent further economic destabilization, while market analysts noted a 4% decline in oil volatility following the announcement. The Omani--led mediation is viewed as a critical mechanism to avert a total blockade of the world's most vital energy chokepoint.