CAIRO: Iran has said an agreement with Oman to establish new shipping routes through the Strait of Hormuz is nearing completion, but Tehran insists the strategic waterway will not reopen until the United States fulfils additional conditions.
Iranian Foreign Minister Abbas Araqchi said Sunday that discussions over the proposed shipping arrangements had reached the “final stages.” However, he stressed that the agreement would only take effect once Washington meets Iran’s demands and conditions for restoring commercial traffic.
The Strait of Hormuz is a crucial global energy route, carrying a significant share of the world’s oil and liquefied natural gas shipments. Any prolonged disruption could therefore have major consequences for international energy supplies and fuel prices.
Under the proposed arrangement, new shipping lanes would be established through the strait once the United States takes the steps demanded by Tehran. Iran and Washington are not currently engaged in direct negotiations, although messages are reportedly being exchanged through intermediaries.
Iran Demands Compensation and End to Sanctions
Tehran has linked the reopening of the waterway to broader issues with the United States. Iranian officials have called for compensation for US military strikes, an end to threats against Iran and the removal of sanctions and restrictions affecting Iranian shipping and assets.
Iran’s senior national security officials have also demanded an end to what they describe as US aggression against Iran and its regional allies.
A US official previously said Washington and Tehran were moving closer to an arrangement that could allow commercial shipping to resume. However, Iran’s latest comments indicate that significant political and security issues remain unresolved.
Global Energy Markets Closely Watching
The uncertainty surrounding the Strait of Hormuz has attracted international attention because of its importance to global energy markets. Major Gulf oil and gas producers rely heavily on the waterway to transport exports to international customers.
Any further escalation could increase shipping costs, disrupt energy supplies and place additional pressure on global oil markets.
The situation has also raised concerns among shipping companies operating in and around the Gulf, particularly as regional tensions continue to increase.
Houthi Attack Adds to Regional Tensions
The developments coincided with a claimed drone attack by Yemen’s Houthi movement on Saudi Aramco’s Jazan refinery.
Saudi authorities confirmed that a fire broke out at the facility but said it was brought under control and that no injuries were reported. The Houthis claimed responsibility for the attack.
The Jazan refinery has a capacity of approximately 400,000 barrels of crude oil per day, making the incident another source of concern for regional energy security.
The latest developments come shortly after Saudi Arabia, Pakistan and Türkiye signed a defence agreement aimed at strengthening regional security cooperation.
Türkiye’s Foreign Minister Hakan Fidan said the agreement was not directed against Iran or any other country, describing it instead as a broader commitment to mutual security.
With diplomatic efforts continuing and military tensions remaining high, the future of the Strait of Hormuz has become a key issue for regional stability and global energy security.
