Iran ties Hormuz reopening to US concessions on several demands

The United States and Iran are close to reaching a deal that would reopen the strategically vital Strait of Hormuz, according to Iranian sources. However, Iran insists that the US must meet several demands before the critical waterway is reopened, including compensation for damage caused during US-led attacks and an end to sanctions and military threats.

Iranian Foreign Minister Abbas Araqchi stated that the deal with Oman, which would define new shipping lanes through the strait, was nearing completion. Once the US fulfills its conditions, Iran will set out the new shipping lanes for safe passage through the strait, according to Iran's state news agency Mehr.

The US has previously said it is "low-keying" its negotiations with Iran, focusing instead on addressing Iran's economic challenges, such as high inflation and lack of funds. Additionally, Iran has reiterated that any reopening of the strait would depend on the US paying compensation for the damage caused in the recent attacks, as well as halting further threats against Iran and its allies.

The US and Iran ended a ceasefire agreement in June, after which the US reimposed a blockade on Iranian shipping in the Gulf. The US has also imposed sanctions on Iran, listing its assets as frozen. If the deal is announced, the US has pledged to lift the blockade on Iranian ports, provided Iran complies with the deal's terms.