Iran says Oman deal is in ’final stages’ but US must act to open Hormuz

Iran announced on Sunday that a deal with Oman regarding new shipping lanes in the Strait of Hormuz was nearing completion, but emphasized that the waterway would only reopen once the United States addressed additional conditions. U.S. officials had earlier suggested that an agreement between Iran and Oman was nearing conclusion and could potentially reopen the critical waterway, which previously accounted for a fifth of global oil and liquefied natural gas shipments.

However, Iranian Foreign Minister Abbas Araqchi stated on Sunday that the deal would not proceed without meeting other requirements, including the United States compensating Iran for past attacks and ending threats against Iran and its allies. Araqchi also reiterated that Iran would not initiate talks with the U.S. while Washington maintains breaches of the interim deal signed in June.

The United States began airstrikes on Iran in late February, aiming to prevent the Islamic republic from developing nuclear weapons or posing a threat to regional security with missiles or proxies. Despite a ceasefire agreement in June, the U.S. re-imposed a blockade on Iranian shipping in the Gulf in July, which Tehran deemed a violation of the truce.

Iran seeks U.S. compensation and the lifting of sanctions as part of the deal, while the United Arab Emirates claimed Iran attacked a shipping vessel affiliated with its state oil company.