Hormuz Deal Hits Snag as Iran Demands Compensation from US
A deal between Iran and Oman to reopen the Strait of Hormuz is in its final stages, but will not be implemented until the US meets certain conditions. The strait, a critical waterway for global oil shipments, has been blocked by Iran since US and Israeli attacks on the country's military sites. Iranian Foreign Minister Abbas Araghchi stated that an agreement defining new shipping lanes would only be put into effect once the US pays compensation to Iran for its widespread attacks.
A US official confirmed that a deal is close, but emphasized that it will depend on Iran's implementation of its commitments. The official said that the US would lift its blockade on Iranian ports once commercial shipping can operate without impediments.
Meanwhile, Houthi rebels in Yemen have attacked Saudi Arabia's Jazan refinery, targeting oil infrastructure and disrupting global supplies. This comes after a recent defense pact between Saudi Arabia, Turkey, and Pakistan aimed at countering growing regional instability from the US-Israeli war on Shi'ite Iran.