Global oil prices dipped on Wednesday after top officials from Iran and Oman said they had advanced talks on managing traffic through the Strait of Hormuz by creating a temporary shipping lane and coordinating mine-clearing efforts. The two countries discussed a "phased framework that could provide a practical and workable basis for moving forward," according to a joint statement released on Tuesday.

The slight easing of oil prices offered some respite amid a weekslong standoff between Iran and the United States over control of the strait, through which about a fifth of the world's oil and gas was shipped before the nearly six-month war. A U.S. naval blockade to stop Iran from shipping out oil remains in place, and only five vessels crossed the Strait of Hormuz on Tuesday, according to Kpler, a maritime data firm.

As Washington tries to tighten sanctions pressure, Tehran is seeking to reinforce key alliances despite American threats. The Iranian foreign minister, Abbas Araghchi, spoke on Tuesday with Qatar's prime minister and Pakistan's army chief, according to reports from Iranian state media. Both Qatar and Pakistan have helped steer negotiations toward a cease-fire in the war that the United States and Israel launched against Iran on Feb. 28.

On Monday, Treasury Secretary Scott Bessent announced what he described as an "economic D-Day" against Tehran, threatening financial penalties on countries that trade with Iran. However, the measures depend largely on cooperation from China, which purchased more than 80 percent of Iran's oil exports in 2025. Beijing has pushed back against Mr. Bessent's campaign, warning it would defend its interests and accusing the United States of disrupting the global financial order.