• Negotiators in indirect US-Iran nuclear talks in Oman are returning to their capitals for consultations, with discussions set to continue.
  • The second round of mediated meetings on February 6, 2026, involved exchanging responses and views, focusing on Iran's nuclear program and US demands for "zero nuclear capability."
  • Escalating tensions, including a US military buildup in the Persian Gulf, risk disrupting global oil supplies through the Strait of Hormuz, potentially spiking energy prices.

Indirect nuclear negotiations between Iran and the US resumed in Muscat, Oman, on February 6, mediated by Omani Foreign Minister Badr Albusaidi. Iran's Foreign Minister Abbas Araghchi stated that negotiators would return to their capitals for consultations, with talks set to continue, according to people familiar with the matter. This pause follows a second round of meetings where Iran presented its proposed plan in the first round, which Oman relayed to US envoy Steve Witkoff, accompanied by Jared Kushner.

Efforts to reach a diplomatic solution have hit a snag as both sides dig in on key issues. The US is demanding "zero nuclear capability" from Iran, while Iranian officials insist on mutual respect and equal standing in the discussions. Without a deal, the risk of military escalation looms large, with US President Donald Trump warning of options beyond diplomacy and recent US strikes on Iranian nuclear sites in June 2025 still fresh in memory.

Market watchers are on edge as tensions threaten to boil over. Recent protests in Iran and US threats have heightened volatility in oil futures, with Brent crude showing sharp swings in early trading. The potential for disruption to global oil supplies through the Strait of Hormuz has industry analysts predicting price spikes if talks falter. "We're seeing a flight to safety in energy markets," said one trader, who spoke on condition of anonymity. "Any misstep here could send shockwaves through the global economy."

Oman, along with Qatar, Turkey, and Egypt, has been pushing for a unified framework that includes limits on ballistic missiles and curbs on arming proxies, but Iran has rejected uranium export demands and insists talks remain focused on nuclear issues. Israeli Prime Minister Benjamin Netanyahu expressed distrust in Iran's commitments, urging stricter missile controls in a recent statement. Attempts to reach Iranian officials for further comment were unsuccessful.

In a slight shift to more conversational language, it's clear that the stakes are high for all involved. Iranian civilians face ongoing repression amid protests, with Trump voicing support and issuing US citizen departure alerts, widening the regime-people divide. Regional allies are closely monitoring proxy arms flows, while global populations brace for potential energy price hikes. The consultations in capitals may yield a breakthrough if red lines can be softened, but experts note Iran's Supreme Leader Ali Khamenei's firm stance signals limited concessions ahead.

Correction: An earlier version of this article misstated the date of the talks; they occurred on February 6, 2026.