Iranian Foreign Minister Abbas Araghchi has engaged in separate telephone discussions with his counterparts in Oman and Saudi Arabia regarding the status of the Strait of Hormuz.
The talks represent a direct diplomatic effort to address navigation concerns in the critical waterway, which Iran has controlled since the onset of the Middle East conflict in late February.
According to reports, Iran is linking any progress in negotiations to restore navigation to the receipt of $3 billion in funds previously agreed upon in principle.
The diplomatic activity follows a sharp contraction in commercial traffic through the strait, which recently hit a three-day low as tensions between the US and Iran continued to disrupt shipping lanes.
Market participants are closely monitoring these conversations for any signal that might lead to a de-escalation of route risks or a restoration of normal transit flows.
According to reports, Iran is linking any progress in negotiations to restore navigation to the receipt of $3 billion in funds previously agreed upon in principle.
This financial precondition adds complexity to the diplomatic process, as it ties the physical security of global energy flows to broader political and economic settlements.