Araghchi tells the cabinet that Iran's talks with Oman are in their final stages

Iran's foreign minister Seyed Abbas Araghchi presented a report on the state of negotiations between Iran and Oman at the start of the cabinet session on the evening of Sunday 2 August 2026, saying the talks are on course to be finalised and are going through their final stages. The session was chaired by President Masoud Pezeshkian.

The negotiations concern the mechanism for maritime traffic through the Strait of Hormuz. The same evening, foreign ministry spokesperson Esmaeil Baqaei said that an understanding on a new route does not by itself mean the strait will reopen and does not amount to a sufficient condition.

The Strait of Hormuz carries roughly a fifth of the world's oil and gas trade, and any sign of progress or stalling in these talks bears directly on global oil prices and on Iran's domestic currency and gold markets.