Diplomatic Off-Ramps and Regional Realignment

Despite the crisis, diplomatic channels remain active: Egypt-Iran foreign ministers call to revive MoU, Pakistan army chief visits Iran, Oman mediates. A fresh signal: Iran and Oman proposed a temporary Strait of Hormuz shipping lane deal, which could de-escalate the crisis. Gulf states hedge with Mecca Pact and Saudi-led MMDC coalition, seeking security architecture that includes both US and Iran. Market odds for Iran-Oman Hormuz agreement fell to 16.5%.