Iran has told mediators that reopening the Strait of Hormuz depends on Washington lifting its naval blockade and paying compensation for alleged violations of a June ceasefire pact, conditions that could complicate a nascent maritime deal with Oman. Foreign Minister Abbas Araghchi said negotiations with Muscat are in their final stages but stressed the waterway would not fully reopen until other demands are met, including the release of frozen assets. Tehran is seeking fees of 5% to 7% on cargo values, though US sources deny any tolls are part of the emerging plan.
The potential agreement would establish two corridors: an inbound lane managed by Iran and an outbound one overseen by Oman, lasting around 60 days pending a permanent arrangement. President Donald Trump suggested a deal could come soon, while Vice-President JD Vance cautioned that significant work remains. An unnamed US official said Washington would lift its port blockade once unimpeded commercial shipping resumes.
Violence continues to roil the waterway. The UAE accused Iran of striking an Abu Dhabi National Oil Company tanker with a missile, and the UKMTO reported another vessel hit by an unidentified projectile off Oman. Sector experts warn that US sanctions and restrictive freight insurance clauses could hinder implementation of any accord.