Iran Seeks Gulf Support for Hormuz Plan

Summary

Bloomberg This Weekend discusses Iran's push for a new arrangement governing the Strait of Hormuz and a planned meeting of Gulf Arab foreign ministers in Muscat. Reporters detail continued attacks, Houthi gains that threaten a second Red Sea chokepoint, and a drone strike on a Saudi pipeline, keeping shipping and energy supply risks elevated. The segment also covers pressure on US Gulf allies and Canada's trade tensions with Washington.

• An Iranian commercial vessel was struck off an island in the Strait of Hormuz, killing one and wounding four.
• Gulf Arab foreign ministers are set to meet in Muscat, where Iran plans to pitch a Hormuz-sharing proposal with Oman; Bahrain will not attend.
• The UAE's crown prince met Iran's president on the sidelines of the BRICS summit in India.
• Houthi gains in Yemen threaten a second chokepoint and further reduce Red Sea maritime traffic.
• A drone strike from Iraq paralyzed a Saudi pipeline built to bypass Hormuz, hurting Saudi oil exports.
• Higher energy prices and cost-of-living pressures are weighing on US politics ahead of the midterms.
• Trump said in Ireland that a Canada trade deal could come soon even as tariff whiplash pushes Canada toward new alliances, including possible associate EU membership.