A six-member bloc of Gulf states is weighing a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz, people familiar with the matter said, in what would be the first gathering with the Islamic Republic since war erupted more than six months ago.Oman is aiming to get foreign ministers from the Gulf Cooperation Council and Iran together on Monday in Salalah, a southern Omani city, according to people familiar with the matter, who asked not to be identified discussing sensitive matters.Also Read: New problem shaping up for the oil market as Hormuz remains shutThe meeting is not confirmed, the people said, with two adding that escalating hostilities between Saudi-backed forces and the Houthis, a group based in neighboring Yemen and supported by Iran, may complicate the plans. Even if it happens, it’s unclear if all states in the bloc, which includes Saudi Arabia, the United Arab Emirates, Qatar as well as Oman, will attend, the people said.Iran said plans are underway for a meeting with Gulf neighbors on Monday to discuss the outcome of talks between Tehran and Muscat over the Strait of Hormuz. Participants include Iran and Iraq, Foreign Ministry spokesman Esmail Baghaei said Friday on Telegram.Oman’s foreign ministry didn’t immediately respond to a request for comment. The Financial Times first reported the meeting.The Houthis are pushing toward Red Sea coastal areas bordering the strategic Bab el-Mandeb Strait, raising fears that the group will tighten its grip on the vital maritime trade route. It already disrupted shipping and oil markets in recent years and the risk of a repeat is likely to be leveraged by Iran in discussions with Arab neighbors.The Bab el-Mandeb chokepoint has become particularly sensitive for oil markets since the shuttering of the Strait of Hormuz, which prompted Riyadh to redirect oil flows to its export terminals in the west. A significant disruption in Red Sea shipping would ramp up pressure on the kingdom, the world’s biggest oil producer.The Houthis’ ground advance in Yemen comes as the group continued to fire missiles and drones at Saudi Arabia’s southwestern towns, damaging energy sites. The move increases the risk of the kingdom being dragged further into the conflict and adds strains to its relationship with Iran.Tehran has insisted on retaining control over Hormuz and has been in talks with Oman for several weeks about a framework to manage maritime traffic. That would likely involve the payment of fees, which the US and Gulf states are strongly against. It’s unclear if the GCC members would accept a temporary agreement that would lead to traffic picking up.Oil prices have soared this week, with a near-term end to the war between the US and Iran looking increasingly unlikely. In the US, diesel prices rose above $6 a gallon for the first time ever, raising the risk of further energy-driven inflation ahead of November’s midterm elections. Also Read: Gulf states seen splurging on debt to build new Hormuz bypassesBrent crude is on track for its biggest weekly advance since July, despite declining more than 3% on Friday to about $104 a barrel, after the International Energy Agency warned of a deteriorating outlook for consumption. The conflict between the US and Iran has reached a stalemate of sorts, with strikes between the sides over control of the Strait of Hormuz sporadic and at a low intensity. Both Tehran and Washington are preparing for it to continue for months, if not longer, Bloomberg has reported, with neither country prepared to make concessions that could lead to a resumption in peace negotiations.The Strait of Hormuz, a vital conduit for global supplies of oil, natural gas and other commodities, was effectively closed after the US and Israel began bombing Iran in late February. Washington is trying to force Tehran to allow ships free passage again, using a naval blockade to put pressure on the Islamic Republic.While US military operations are hurting Iran’s economy, with the rial weakening rapidly and inflation accelerating to almost 90%, the country’s leadership is signaling it won’t relent on the strait or go back to negotiations until President Donald Trump lifts the blockade. It’s made clear it will keep retaliating against US strikes on its ships and territory.More ships have been sailing through Hormuz in the past two months. But they are mostly traversing covertly at night, with US military protection and their transponders turned off. They’re coming under regular fire from Iranian missiles and drones.Saudi Arabia and the UAE have managed to use pipelines to bypass the chokepoint for a large chunk of their crude exports. But the effective closure is still hurting their economies and deterring some investors and tourists from the region.This week, Qatar announced a fiscal deficit in the second quarter that was its biggest in almost a decade. Saudi Arabia’s economy contracted in the same period.