Saudi Arabia Kills the Hormuz Signing Hours Before It Was Due

Oman postponed the Iran-GCC-Iraq foreign ministers' meeting due in Oman today, hours before delegations were to sign a joint Iran-Oman shipping route through the Strait of Hormuz and notify the International Maritime Organization. Foreign Minister Sayyid Badr Albusaidi said the delay served "the interests of consensus". No new date exists.

Tehran named the party that asked. Foreign Ministry spokesman Esmail Baghaei told reporters: "It is true that Saudi Arabia asked for this meeting to be postponed." Riyadh cited the war in Yemen. Baghaei called that "a false pretext". Bahrain, holder of the GCC rotating presidency, had already refused to attend pending restoration of ties with Tehran.

Saudi Arabia walked into this week shut out of Hormuz, refused American firepower against the Houthis, and running its entire export book through a pipeline that drones took down Friday. Every reading on this desk said a state with no options signs. Riyadh vetoed instead.

Brent rose as much as 3.5% to $108.41 before easing to ~$107.40. WTI gained 3.9% to $102.84. US average diesel set an all-time high at $6.23 a gallon.

Watch whether Iran and Oman register their understanding with the IMO unilaterally, which Baghaei explicitly left open, and whether any new date surfaces before Yanbu's tank cover runs out this week.