Iran rejected Oman's proposal for joint oversight of the Strait of Hormuz on July 29, countering with a plan that keeps more control in Tehran's hands, even as vessel traffic through the strait improved, with 14 commodity vessels transiting midweek versus single digit crossings the week before. Saudi Arabia has separately proposed a naval coalition to safeguard regional trade routes, a third track alongside the stalled talks. Canadian energy equities have been valued against a war elevated oil price for five months, a valuation still untested by any political resolution.
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