Iran resumes backchannel negotiations with West after Trump suspends strikes

Iran and Western envoys quietly resumed backchannel negotiations in Muscat this week, days after President Trump paused planned military strikes on Iranian energy infrastructure. Iranian Foreign Minister Abbas Araghchi is directly involved in the discussions, which center on finalizing management of the Strait of Hormuz, the narrow chokepoint through which roughly a fifth of the world’s oil supply passes daily. Oman, which has served as a neutral mediator in Iran-US discussions since April 2025, is once again hosting. What happened and why crypto cares On August 2, Trump paused military strikes on Iranian targets following regional discussions about de-escalation. The decision pulled back from what would have been a direct hit on Iran’s energy infrastructure. Bitcoin reacted positively to the strike suspension and the subsequent news of renewed talks. The longer diplomatic arc These latest talks in Muscat build on prior rounds of indirect negotiations held between 2025 and 2026, with Oman shuttling messages between Washington and Tehran on nuclear issues and regional security. Iran’s actions against commercial vessels in the Strait had been a persistent source of tension. The US re...