Hormuz talks positive, Oman says, as Iran warns deal would not open strait

Positive talks have been ongoing between Oman and Iran regarding the reopening of the Strait of Hormuz, a crucial shipping route, according to Oman's foreign ministry. However, Iran's Foreign Minister Abbas Araghchi cautioned that any deal would not immediately result in the reopening of the strait, as it is contingent on certain conditions being met. These conditions include Iran receiving compensation from the US for alleged violations of a June deal aimed at ceasing hostilities and advancing peace talks.

Tehran has effectively blockaded the Strait of Hormuz since February, following joint US-Israeli attacks on the waterway. The strait, which typically accommodates around a fifth of the world's oil and natural gas shipments, has been under blockade by Iran. Meanwhile, Oman has issued a warning against attacks on shipping vessels that could hinder the progress of resolving the situation.

US President Donald Trump had previously expressed optimism about striking a deal with Iran, but Vice-President JD Vance appeared more cautious on Saturday, stating that much work remains to be done. He emphasized that the situation is not yet resolved and that the US is employing diplomatic, economic, and military measures to achieve a favorable outcome for Americans. Vance also mentioned that the same volume of oil would continue to flow from the Gulf as before the US military operation commenced on February 28th.

A potential point of contention between Iran and the US revolves around Iran's reported intention to impose tolls on vessels passing through the Strait of Hormuz. Reuters reported that Iran was seeking fees ranging from 5% to 7% of the value of cargoes. However, US Vice-President Vance downplayed these allegations, stating that Tehran has no plans to toll the strait.

In separate incidents, the UAE reported that Iran had targeted an Adnoc-affiliated tanker with a missile while it was passing through the strait, causing a fire but no casualties. Additionally, the UK Maritime Trade Operations agency reported that another ship had been hit by an unknown projectile off the coast of Oman, resulting in a fire that had been extinguished. The source of the UKMTO report is unclear, as it is uncertain whether it pertains to the same incident as the UAE's statement.