Only Way to Reopen Strait of Hormuz Is Pact Between Gulf States and Iran: Analysts

Tankers sail in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance, amid the U.S.–Israeli conflict with Iran, in United Arab Emirates, on March 11, 2026. ReutersHOUSTON—The longer ships remain trapped inside the Persian Gulf and oil tankers stack in the Arabian Sea, the more likely Gulf states will reach a deal with Iran to allow commerce to resume in the Strait of Hormuz, global market and insurance analysts said in a March 24 CERAWeek by S&P Global forum.“Iran already controls the strait,” said Paul Sankey, lead financial analyst with Brooklyn-based Sankey Research. “My suggestion is, ultimately, maybe, the U.S. has to pull out of the region and leave it to the GCC [Gulf Cooperation Council] and Iran.”