Oman, a small and vulnerable Gulf state, has long pursued a balancing strategy to navigate a volatile regional and international environment. Analysts variously describe this approach as “hedging,” “omnibalancing,” or “omniengagement,” but all emphasize Muscat’s overriding concern with preserving autonomy in foreign policy. This chapter traces the historical roots of that strategy, beginning with Britain’s withdrawal as Oman’s chief external partner amid domestic turmoil, including the Dhofari insurgency, and the subsequent rise of the United States as the dominant regional power alongside adversarial actors such as revolutionary Iran. It then examines how Oman continues to calibrate relations among major powers and regional rivals—including the United States, China, India, Saudi Arabia, Iran, and Israel—by accommodating their interests while circumscribing their influence. The chapter highlights the constraints Oman faces, domestically and internationally, and concludes that its balancing posture remains the most viable path amid today’s uncertain Gulf order.