Oman is in talks with Iran to implement a system for charging ships for passage through the Strait of Hormuz — an idea flatly rejected by the US, suggesting that no immediate end to the war is in sight.

Washington has touted progress in negotiations with Tehran and several Asian nations have ferried some energy through the waterway, which has been blocked because of the conflict, but the global economy is suffering.

Business activity has slowed in Europe and Asia, and economists have lowered their forecasts for global growth. An ING analyst warned that higher energy prices and uncertainty do “not bode well” for Germany’s economy in the coming quarter, while several Asian currencies have fallen against the dollar.