Oman Foreign Ministry says that discussions with ran on Hormuz have concluded, adds that the finalisation depends on US-Iran talks

Oman has served as the established intermediary between Washington and Tehran across multiple rounds of indirect engagement, so Muscat hosting and then declaring its own channel concluded fits the familiar pattern in which the Omani track functions as preparatory groundwork for the principal US-Iran negotiation rather than as a settlement in its own right. The operative phrase is the conditionality: the statement explicitly subordinates any Hormuz arrangement to the broader bilateral talks, which historically means de-escalation headlines of this kind mark a waypoint, not an endpoint, and the sequencing risk runs through the next round of direct or indirect US-Iran contact. Headlines referencing the strait itself, rather than sanctions or enrichment, tend to reach crude through the freight and insurance channel first: war-risk premia on Gulf loadings and tanker rates reprice before any change in physical flow, and they unwind just as quickly when follow-through fails to materialise. The distinction worth drawing is between Oman's own discussions concluding, which is procedural, and the principals reaching terms, which is what has historically moved the market durably. Worth watching are confirmations from the Iranian and US sides, any scheduling of a further negotiating round, and whether shipping insurers or freight desks actually adjust Gulf premia. As a single-side statement from the mediator, the signal is constructive but low-information.