President Donald Trump has confirmed the existence of a backchannel communication with Iran’s Revolutionary Guard Corps. He warned Oman against interference, suggesting military action could be considered. These developments occur amid persistent tensions in the Strait of Hormuz, where Oman serves as mediator in maritime negotiations. The confirmation of this diplomatic channel could indicate a shift toward closer diplomatic engagement, though the threat against Oman suggests heightened geopolitical risks. Markets are pricing in an increased likelihood of a US-Iran deal in 2026, potentially including reconstruction funding.
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