US Secretary of State Marco Rubio is conducting a diplomatic tour of the Gulf, visiting the United Arab Emirates, Kuwait, and Bahrain to secure regional support for a proposed agreement with Iran aimed at ending the ongoing conflict.
Rubio indicated that technical talks with Tehran are set to move forward, though he acknowledged that the final outcome remains uncertain and hinges on securing the cooperation of key Gulf partners.
The diplomatic push comes as energy markets show signs of easing tension.
Brent crude has retreated from recent highs, reflecting a fading risk premium as traders assess the likelihood of a negotiated settlement.
The price action suggests that investors are beginning to price in a scenario where shipping routes in the Strait of Hormuz remain open, reducing the immediate threat of a supply shock.
Gulf allies have previously expressed concerns that a unilateral deal with Iran could leave them exposed to regional instability.