Wait for Hormuz Deal Stretches on as Iran Says Terms Must Be Met

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessWait for Hormuz Deal Stretches on as Iran Says Terms Must Be MetThe wait dragged on for an Iranian deal with Oman on the Strait of Hormuz, with the Islamic Republic warning the US that any pact wouldn’t lead to an immediate reopening of the crucial energy chokepoint.Author of the article:Sara Gharaibeh and Patrick Sykes You can save this article by registering for free here. Or sign-in if you have an account.nunh12644c7xl8it8viz{xa1_media_dl_1.png Joint Maritime Information Cente(Bloomberg) — The wait dragged on for an Iranian deal with Oman on the Strait of Hormuz, with the Islamic Republic warning the US that any pact wouldn’t lead to an immediate reopening of the crucial energy chokepoint.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWith a deal remaining elusive, the situation in the region stayed volatile. Iranian-backed Houthi rebels on Sunday claimed they’d struck Saudi Aramco’s Jazan oil refinery in the kingdom. Saudi authorities earlier reported a fire at the facility.An agreement on a temporary maritime transit route for ships entering and leaving the Persian Gulf is “very close,” Iranian Foreign Minister Abbas Araghchi said Saturday. Yet Tehran also renewed a list of demands for Washington, suggesting any respite for oil and gas supplies may be limited. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“The opening of the strait is subject to other conditions, including compensation for the US’s violations of the Islamabad Agreement,” Araghchi said, referring to a now-lapsed memorandum of understanding signed in June. That lasted less than a month before collapsing over disputes about control of Hormuz.The status of the Strait of Hormuz has become a key factor in the conflict the US and Israel launched on Iran in late February, and it’s unclear how Washington will respond to any agreement. US President Donald Trump has demanded the resumption of open navigation via Hormuz for months, regularly threatening fresh attacks on Iran if it fails to reopen the waterway. Vice President JD Vance on Saturday suggested there’d been recent progress, but it’s not clear if the final result will be satisfactory.The question is whether Iran will be able “to give the things that are necessary for us to be happy, for us to feel like we’ve gotten what we need out of this particular engagement,” he told Fox News. Washington has repeatedly suggested it’s part of negotiations over the management of Hormuz, which Iran disputes.Oman, within whose territorial waters the strait also lies, said talks were progressing in “a positive and constructive atmosphere.” In a post on X, authorities called for a halt on actions in the strait to give space for diplomatic efforts.Besides compensation, Tehran’s demands include that the US lift its naval blockade on Iranian ports, withdraw military forces from around Iran, removes sanctions and releases frozen assets, according to Mohammad Bagher Zolghadr, a hardliner who heads the Supreme National Security Council.Traffic through the chokepoint has been largely blocked since the start of the war, but some ships have continued to ferry cargoes as part of a shuttle program involving US military help. As talks stretch on, shippers attempting to make the crossing face ongoing risks.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Abu Dhabi National Oil Co. said missiles targeted one of its vessels while transiting early Saturday, the United Arab Emirates’s state-run WAM news agency reported. The attack caused no injuries and the situation has been brought under control, it added. Three other ships from the UAE’s biggest oil producer were attacked last week.Oil prices swung between gains and losses last week, with Brent eventually settling above $83 a barrel as traders weighed the prospects of a deal that’s expected to clear the way for the restoration of millions of barrels of supply from the Persian Gulf.Tensions have flared in the southern Red Sea in recent weeks, with the Houthi rebels in Yemen announcing a blockade on Saudi Arabia’s ports, a key alternative export route for the kingdom’s oil.The Houthis on Sunday claimed they’d struck the Jazan refinery with a drone in response to Saudi moves in Yemeni airspace.The Saudi energy ministry earlier said a fire there was extinguished and no one had been injured, without giving any details on the cause. Saudi Aramco wasn’t immediately available to comment. The blaze would be at least the second in the past month at the Aramco facility. Satellite images showed a fire at a tank in the 400,000 barrel-a-day complex in late July after the Houthis claimed to have attacked.Any Hormuz deal will need the approval of Iran’s Supreme Leader Mojtaba Khamenei. Iranian officials have said it takes time to reach him. There’s been no indication whether Khamenei has given his assent to current plans.—With assistance from Salma El Wardany.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.