World latest updates: Iran says deal on Strait of Hormuz is close but not enough to open the waterway

Iran and Oman seem to be nearing an agreement on managing ship traffic through the Strait of Hormuz, according to Reuters. However, Iranian officials stress that this alone will not suffice to fully reopen the waterway, which previously handled a fifth of global oil shipments. Even as discussions with Oman advance, Tehran has presented a new set of stringent conditions to the US, sparking doubts about the timeline for the vital energy corridor's actual reopening.

Among Iran's demands towards the United States are: an end to US threats, a halt to attacks on Iran's regional allies, full compensation for war-related damages, lifting of sanctions, and the release of Iran's frozen assets. Iran's Revolutionary Guards have made it clear that these terms are distinct from the Oman negotiations, asserting that the strait's reopening hinges solely on Washington fulfilling Iran's conditions.

Despite diplomacy, violence persists. The UAE reported an Iranian missile striking another tanker in the strait, while another vessel caught fire following an attack, as per UK maritime monitors. The ongoing assaults highlight the precarious nature of the situation, even as negotiators progress towards a deal.