Iran has warned that a deal to secure a shipping route through the Strait of Hormuz won't happen anytime soon. Iranian Foreign Minister Abbas Araghchi said talks were in their final stages but the reopening of the strait remained "subject to other conditions".
Strait of Hormuz Talks Stalled
Iran has effectively blockaded the waterway, through which around a fifth of the world's oil and natural gas usually flows, since the US and Israel began attacking it in February. Talks in recent days have focused on the possibility of a deal between Iran and Oman on a new route through the strait, which they would both have responsibility for and is hoped would lead to progress in resuming shipping traffic.
Iranian security chief Mohammad Baqer Zolqadr told the semi-official news agency Tasnim that the Strait of Hormuz would not reopen until the US "corrects" its behaviour. He said the US needed to meet six Iranian demands, including a halt to threats against Iran, removal of its naval blockade of Iranian ports, and release of Iran's frozen assets.
Compensation and Conditions
Iran is seeking compensation from the US for what Tehran described as violations of the deal both sides signed in June to cease fighting and advance talks to end the war. The deal – called a Memorandum of Understanding (MoU) – quickly fell through, as did diplomatic talks, with tit-for-tat attacks resuming just days after it was signed.
Oman's foreign ministry warned against attacks on shipping that could hamper a deal, suggesting that discussions were progressing, but a timeline on any deal being finalised remained unclear. Iran's reported threat to impose a fee on vessels wishing to cross the strait has been downplayed by US officials, who claim that Tehran has no plans to toll the Strait of Hormuz.
US Response
US Vice-President JD Vance appeared to be more sceptical on Saturday, telling Fox News that work remained to be done even if progress was being made. He said that "we're really in the middle of the game here", and that "this thing is not over". Vance added that "we're applying a whole host of tools – diplomatic, economic [and] military tools – to ensure that we get the best outcome for the American people".
One of the main points of disagreement between Tehran and Washington has been Iran's reported threat to impose a fee on vessels wishing to cross the strait. Reuters, citing an Iranian official, previously reported that Tehran was seeking fees of between 5% and 7% of the price of cargoes from vessels who travel through it. However, US officials have downplayed these reports, saying that Iran has no plans to toll the Strait of Hormuz.
Attack on Adnoc Tanker
The UAE's foreign ministry said in a statement that a "hostile Iranian attack" had hit an Adnoc tanker "with a missile". It added that there were no casualties. Later on Saturday, the UK Maritime Trade Operations (UKMTO) agency also reported a ship being struck by "an unknown projectile" off the coast of Oman, causing "a fire that has been extinguished" but no casualties. It is unclear whether UKMTO was referring to the same ship as the UAE.
The Strait of Hormuz remains a critical waterway, through which around a fifth of the world's oil and natural gas usually flows. The continued blockade has significant implications for global energy markets, and the US and Iran remain at an impasse over the reopening of the strait.
Source: Joy Online
