Araghchi: Iran Won't Reopen Hormuz Unless US Meets Demands
Iran's Foreign Minister Abbas Araghchi said that reopening the strategic Strait of Hormuz would depend on several key demands from the United States, including easing sanctions and providing war reparations. This indicates that Iran does not currently view reopening the passage as an immediate option.
Araghchi rejected US claims that an agreement could be close, leaving the prospects for a diplomatic breakthrough uncertain. The Strait of Hormuz remains a major focus for energy traders due to its importance in international oil shipments.
Westpac stated that the waterway is still 'effectively closed' and warned that uncertainty remains elevated as the conflict enters its sixth month. This has increased concerns that disruptions could persist, potentially putting additional pressure on crude prices and global energy markets.