Iran says deal on Strait of Hormuz is close but will not open the waterway by itself

Iranian Foreign Minister Abbas Araqchi revealed that Iran and Oman are nearing an agreement on a new shipping route through the strategic Strait of Hormuz. However, Araqchi emphasized that reopening the waterway would depend on several conditions, including compensation from the United States for the violation of a June memorandum of understanding.

The UAE accused Iran of targeting a tanker belonging to its national oil company in the Hormuz Strait on August 8, while both Iran and Oman reported constructive talks on administering the crucial waterway. The United States strongly opposes any Iranian tolls in the strait, while an April ceasefire collapsed due to continued attacks, leading mediators to urge both sides to adhere to the June memorandum.

Iran has blocked the strait and charged users for passage, attacking ships accused of circumventing its preferred route. Iranian security chief Mohammad Bagher Zolghadr outlined numerous preconditions for reopening the strait, such as ending the war, lifting the US naval blockade, and compensating for wartime damages.