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

Oman has reported positive discussions with Iran regarding an agreement to ensure safe shipping through the Strait of Hormuz, despite Iran's warning that any deal would not immediately reopen the strait. Both sides indicated that negotiations were progressing, though a specific timeline for finalizing the deal remained uncertain.

Oman's foreign ministry cautioned against attacks on shipping vessels that could impede progress. Iranian Foreign Minister Abbas Araghchi stated that talks were nearing completion but emphasized that the reopening of the strait depended on additional conditions, which he only briefly outlined. Tehran has been blocking the waterway, which typically handles about a fifth of the world's oil and natural gas, since the US and Israel initiated attacks on it in February.

Recent talks have centered on a potential new shipping route through the strait, with both sides responsible for its management, in hopes of facilitating the resumption of shipping traffic. However, Araghchi clarified that a full reopening would hinge on meeting Iran's demands, including receiving compensation from the US for alleged violations of a June ceasefire deal, which ultimately did not materialize and was followed by renewed hostilities.

Mohammad Baqer Zolqadr, Iran's security chief, stated that the Strait of Hormuz would not reopen until the US addressed its behavior, citing six conditions, including a halt to threats against Iran, removal of the naval blockade on Iranian ports, and the release of frozen Iranian assets. The US, through Vice-President JD Vance, expressed cautious optimism, noting that work was ongoing but acknowledging that significant challenges remained.

While Vance stated that the same volume of oil would continue to flow from the Gulf as before the US military operation, he provided no specifics. Regarding tolls, Vance dismissed reports that Iran planned to impose fees between 5% and 7% on vessels using the strait, asserting that Iran had no such intentions. The recent attacks on an Adnoc tanker by Iran and a fire on a ship off Oman's coast underscore the ongoing tensions and volatility in the region.