Strait of Hormuz deal in ‘final stages’ as Iran sets conditions to reopen global oil route

Iran and Oman are close to a deal on managing shipping through the Strait of Hormuz, a vital waterway for global oil and LNG exports. According to Arabian Business, the deal is in its final stages, but Iran says it will only reopen the strait if certain conditions are met, specifically regarding the United States.

The Strait of Hormuz has been effectively blockaded by Iran since late February, impacting oil exports, particularly from Iraq. Iraqi crude oil exports have dropped from 3.4 million barrels per day to between 1.5 million and 1.7 million barrels per day, as reported by multiple outlets including Gulf Times Business and Qatar Tribune Business.

Iran's conditions for reopening the strait include US compensation for war damage, an end to US sanctions, and the lifting of a US counterblockade of Iranian ports, as stated by Iran's security chief Mohammad Bagher Zolghadr and reported by Business Recorder. Oman has condemned attacks on vessels transiting the strait, calling them a "violation of international law and territorial waters sovereignty", and expressed support for negotiations with Iran.

Brief written by urgent.news from Arabian Business, Gulf Times Business, Business Recorder, The National Business, Qatar Tribune Business — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.