Saudi Arabia’s Foreign Minister is in Moscow for discussions with Russian counterparts on political cooperation, Houthi attacks on Saudi Arabia, and broader regional conflicts. The meeting takes place amid heightened tensions involving the United States, Israel, Iran, and Gulf countries. Markets interpret this diplomatic engagement as a sign of limited progress in US-Iran relations. The probability of the next US-Iran diplomatic meeting occurring in the UAE by September 30, 2026, remains priced at just 0.1%, with a 91% likelihood that no meeting will take place before that date. This visit to Moscow, focusing on regional cooperation with Russia, could indicate a shift in alliances and priorities, affecting prospects for US-Iran engagement.
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