Iran Links Hormuz Reopening to US Meeting Its Demands Amid Ongoing Tensions
The reopening of the Strait of Hormuz is linked to US meeting Iran's demands, according to Tehran. The strategic waterway will not reopen unless several conditions are met, including compensation for damage from US attacks, an end to sanctions and military threats, and the removal of a US naval blockade.
Iranian Foreign Minister Abbas Araghchi said a deal with Oman is in its 'final stages,' but stressed that Tehran would not take action until Washington honors the June interim deal. The US is 'only semi-negotiating' with Iran, according to President Donald Trump, who added that Iran is in 'very bad shape' economically.
Oil prices rose as markets watched Hormuz, with WTI crude oil increasing 0.91% to $78.89 per barrel and Brent crude gaining 1.13% to $84.49 per barrel. The Dow futures fell 127 points to 54,025.00, while S&P 500 futures declined 7.25 points to 7,772.50.