Oil prices fall 2.9% as Iran-GCC talks raise Hormuz reopening hopes

September 12, 2026 at 12:07 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Brent crude fell 2.9% to $104.52 a barrel on Friday after reports that Gulf Cooperation Council foreign ministers will meet their Iranian counterpart on Monday. The meeting would be the first since the U.S. and Israel launched their war on Tehran, and comes as Oman and Iran seek support for a deal to manage traffic in the Strait of Hormuz. The price drop occurred even as Saudi Arabia faces threats to its oil exports from Houthi attacks near the Bab al-Mandab Strait.

Key Facts

Brent crude fell 2.9% to $104.52 a barrel on Friday.
GCC foreign ministers will meet their Iranian counterpart on Monday, the first such gathering since the U.S. and Israel launched their war on Tehran.
Saudi Crown Prince Mohammed bin Salman called President Donald Trump twice on Thursday to request U.S. strikes against the Houthis, but was turned down.
The U.S. military has helped non-Iranian oil exports through the Strait of Hormuz reach about two-thirds of prewar levels.

Hormuz Diplomacy

Foreign ministers from the Gulf Cooperation Council will meet their Iranian counterpart on Monday, sources told the Financial Times. It would be the first such gathering since the U.S. and Israel launched their war on Tehran. Oman and Iran are seeking to build support for a deal the two countries have been crafting to temporarily manage traffic in the Strait of Hormuz. Tehran has insisted the U.S. must first fulfill terms of their earlier ceasefire deal reached in June before the strait can fully reopen.

Saudi Oil Threats

After Iran closed the Strait of Hormuz, the Bab al-Mandab Strait became a vital bypass for Saudi Arabia, which diverted oil from the Gulf to the Red Sea via its East-West Pipeline. The Houthis reportedly attacked the pipeline and Saudi tankers in recent days. Saudi Crown Prince Mohammed bin Salman called President Donald Trump twice on Thursday, asking for U.S. strikes against the Houthis, but was turned down, sources told Axios. U.S. officials said the Trump administration will provide intelligence on the Houthis and targeting data.