The Strait's Double Bind: A Crisis of Oil, Alliances, and Influence The recent meeting between Iran and its Persian Gulf neighbors has raised hopes for a deal to fully reopen the Strait of Hormuz.
However, behind this diplomatic effort lies a complex web of interests that threatens to entangle Saudi Arabia in a crisis it cannot control. Oil prices tumbled 2. 9% to $104.
52 a barrel on Friday as the GCC and Iran navigated a delicate balance of power, each side seeking to outmaneuver the other.