Strait of Hormuz Stalemate: A Dance of Interests in the Gulf Iran's Foreign Minister Abbas Araqchi has confirmed that a deal with Oman to define new shipping lanes in the Strait of Hormuz is near completion.
However, this development does not necessarily signify an end to the maritime blockade. According to Araqchi, Iran will only reopen the strait once certain conditions are met by the United States.
These conditions include compensation for Iran's losses resulting from US actions, an end to the US led economic sanctions, and a guarantee that Washington won't continue its aggressive posture in the region.