Urgent.News

What's breaking now, across thousands of outlets.

Finance & Markets

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

Oman has said positive talks have been taking place with Iran over an agreement to secure a shipping route through the Strait of Hormuz, as Tehran warned that any deal would not see an immediate reopening of the vital waterway. Both sides suggested on Saturday that discussions were progressing, but a timeline on any deal ...

Positive discussions are underway between Oman and Iran regarding an agreement to secure shipping through the Strait of Hormuz, according to Oman's foreign ministry. However, Iran's Foreign Minister Abbas Araghchi cautioned that the reopening of the strait would not occur immediately, as it depends on certain conditions being met.

These conditions include Iran receiving compensation from the US for alleged violations of a June deal to cease fighting and advance talks for ending the war. Iranian security chief Mohammad Baqer Zolqadr emphasized that the strait would not reopen until the US corrects its behavior, citing six demands such as halting threats against Iran, lifting the naval blockade of Iranian ports, and releasing Iran's frozen assets.

Although Oman's foreign ministry urged against attacks on ships that could hinder progress, recent attacks on an Adnoc tanker by Iran and a fire on a ship off Oman's coast have raised tensions. US Vice-President JD Vance reiterated that work remains to be done, stating that the same amount of oil should flow through the strait as before the US military operation began in February.

However, he declined to provide details on a potential traffic scheme to ensure safe passage for ships through the strait.

Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

This story

This is one outlet's version. Read the fullest account.

Read the original at hellenicshippingnews.com →

More in Finance & Markets

Tankers: VLCCs Moving Higher

Clean LR2 The TC1 75kt MEG/Japan index ticked up early this week by 14 points to WS522 where it currently has been for 3 days.

  • Tanker rates remain high despite Strait of Hormuz potential reopening
  • East Coast Mexico/US Gulf route rates drop further
  • Transatlantic route from US Gulf to UK Continent sees significant plunge

More from Sunday 9 August →