U.S. reaffirms grip on Hormuz blockade, turning away 55 ships as talks stall

The Strait of Hormuz remains blocked, with 55 ships turned away, as talks between Iran and the US stall. According to Hellenic Shipping News, Oman has reported positive talks with Iran over a potential agreement to secure a shipping route through the strait, but a timeline for a deal is unclear. Iranian Foreign Minister Abbas Araghchi said talks are in their final stages, but the reopening of the strait is "subject to other conditions", including compensation from the US for alleged violations of a June agreement.

The conditions for a deal include Iran receiving compensation from the US, as reported by Hellenic Shipping News. Araghchi also stated that Iran will not resume direct negotiations with the US until Washington addresses the alleged violations, with messages instead being exchanged through intermediaries, such as Oman, as per Nairametrics and Fortune.

The ongoing blockade has kept oil prices under pressure, with concerns about a prolonged disruption to global oil supplies through the Strait of Hormuz, a key route for around a fifth of the world's oil and natural gas. CNBC reports that the crisis has been ongoing for over five months.

Brief written by urgent.news from CNBC, FXStreet, Hellenic Shipping News, Nairametrics, Fortune — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.