Iran says it is in the final stage of drafting a Strait of Hormuz navigation agreement with Oman, with a joint statement expected soon if there is no external interference. Meanwhile, US President Donald Trump indicated a deal could be announced this week. Iran also denied reports of direct negotiations with Washington over the strategic waterway. Separately, regional tensions remain high after Yemen's Houthi rebels claimed to have targeted a Saudi oil tanker in the Red Sea, while the UK reported a separate maritime security incident near Aden.

Iran has stopped its retaliatory strikes against American allies in the Middle East. The United States has already paused its own attacks for two consecutive nights. US Ambassador to the United Nations Mike Waltz went on television and declared that President Trump is “giving talks some space” while American forces remain “locked and loaded.”

The language is carefully chosen. It projects control. The reality is harder. Washington did not pause out of strength. It paused because its expensive air-defence magazines are running dry after intercepting thousands of Iranian drones and missiles. Patriot and THAAD stocks have taken a serious hit. Commanders advised restraint. The “space” Waltz describes is the space created by American munitions shortages.

Iran, for its part, has chosen to match the pause. Tehran’s military spokesman confirmed that retaliatory attacks on US regional partners have been halted. Shipping through the Strait of Hormuz is getting a temporary window of relative calm. Oil prices eased in early Asian trading on Monday as traders priced in the reduced risk of immediate disruption.

This is not peace. It is mutual exhaustion wearing a diplomatic mask. The same conflict that began with dramatic American and Israeli strikes in February has now reached a point where both sides need a breathing spell. The June memorandum that was supposed to end the war collapsed in early July. Weeks of renewed fighting followed. Now both capitals are testing whether they can step back without looking like they are stepping down.

Sheikh Mohammed bin Abdulrahamn bin Jassim Al Thani, Qatar’s Prime Minister, called on all stakeholders, including the US and Iran, to implement the terms of the Memorandum of Understanding for peace that they had agreed upon earlier.

ran’s foreign minister claims protecting citizens and national interests in the Strait of Hormuz as core principles, yet the Islamic Republic’s aggressive grip on the waterway has turned a global lifeline into a weapon, driving fuel chaos and economic pain far beyond its borders.

Dubai’s state-backed DP World has moved with clinical speed. On 22 July 2026 it signed a 50-year concession with the Fujairah Ports Authority to build two new deep-water terminals on the United Arab Emirates’ east coast — Al Rugaylat container and multi-purpose terminal and the Dibba general cargo terminal. These facilities sit squarely outside the Strait of Hormuz, giving ships direct access to the Gulf of Oman and the Indian Ocean.