Iran Refuses to Reopen Strait of Hormuz Until Conditions Are Met

Iran's parliament speaker Mohammad Bagher Ghalibaf said Tehran's stance on the Strait of Hormuz is 'completely clear and firm.' The strait will not reopen until Washington meets seven conditions tied to a June agreement, according to Reuters citing Iranian state media. These conditions are based on the Islamabad Memorandum of Understanding.

Ghalibaf emphasized that the era of 'dictating one-sided demands' is over, and Tehran will not engage in further negotiations unless its conditions are met. The Strait of Hormuz was closed after a June agreement between Iran and the US, which led to concerns about global energy markets as it carried roughly one-fifth of global oil supplies.

Iran's Foreign Minister Abbas Araghchi warned that Tehran is prepared for military action if Washington resorts to renewed force. The warning comes amid reports that Iran is preparing a broader response to any future US attacks. Crude oil prices were mixed last week, with Brent crude futures expiring in December rising 3.47% and the U.S. West Texas Intermediate (WTI) futures expiring in November falling 1.41%.