Iran and Oman have reached an understanding on a restrictive Strait of Hormuz shipping framework that defies Washington's demands for open transit.

Global crude prices remained steady near $79 a barrel as markets monitored diplomatic talks between Iran and Oman over the Strait of Hormuz, even as retail fuel costs surged following expired government subsidies.

Contradictory claims from the Oval Office and Tehran have triggered volatility in global energy markets as a blockade of the Strait of Hormuz persists.

The Iranian Foreign Ministry has rejected assertions of an imminent diplomatic breakthrough with Washington, maintaining that no direct negotiations are taking place.