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

Iran announced on Sunday that a deal with Oman to establish new shipping lanes in the Strait of Hormuz was nearing completion, but insisted that the waterway would remain closed until the United States addressed specific conditions. US officials reported on Friday that a consensus was shaping, potentially leading to the reopening of the strait, a critical conduit for a fifth of global oil and liquefied natural gas shipments.

Iranian Foreign Minister Abbas Araqchi confirmed on Sunday that the agreement was in its "final stages," but reiterated that other conditions would need to be met before the strait could reopen. These conditions reportedly include US compensation for Iran's previous attacks and halting threats against the country. Iran and the US have not engaged in direct negotiations, and Tehran has vowed not to initiate them as long as Washington breaches the interim deal signed in June.

Araqchi also stated that Iran would cease its aggressive behavior towards regional allies, lift all sanctions and blockades, and release confiscated Iranian assets, all of which would be decided by Supreme Leader Ayatollah Khamenei, who has not been seen in public since February 28, the day of the US-Israeli strikes. The United Arab Emirates reported on Saturday that Iran had targeted a ship belonging to its state oil company, though Iran has not responded to the claim.

This escalation comes amid intensified attacks by Iran's allies in Yemen, the Houthis, against oil facilities, including the Jazan refinery in Saudi Arabia, which processes 400,000 barrels of crude oil daily. The Houthis also declared a naval blockade on the Red Sea, an allegation Riyadh denies, retaliating to what they claim is a Saudi blockade.