The Strait of Hormuz and the Red Sea's Bab el-Mandeb Strait issued simultaneous de-escalation signals on September 11, 2026. Foreign ministers from the six Gulf Cooperation Council (GCC) member states plan to meet Iranian Foreign Minister Abbas Araghchi in Salalah, Oman, on September 14 to discuss a temporary framework for commercial shipping through the Strait of Hormuz. The Oman-led meeting is intended to build collective GCC support for an arrangement under which vessels would enter through Iranian waters and exit mainly through Omani territorial waters. A full reopening remains dependent on wider US-Iran negotiations, with Washington seeking a broader agreement that includes nuclear provisions and Tehran demanding the lifting of port blockades, restoration of oil-sale waivers and access to some frozen overseas assets. Separately, Yemen's Houthi rebels said fighting had stopped in provinces along the Red Sea's western coast and called for Saudi Arabia to halt further deployments. Brent crude fell nearly 2% intraday to $105.57 per barrel, while Bitcoin dropped below $77,000, US stock futures rallied and spot gold rose 1% to $4,357.59 per ounce. Investors are watching whether the Salalah meeting, the Houthi declaration and broader diplomatic efforts can produce durable changes in shipping conditions and oil prices.