Iran Says US Ready to Return to Commitments on Strait of Hormuz Deal

3 min read
Iran Says US Ready to Return to Commitments on Strait of Hormuz Deal
PrimeXBT Editorial Team
Reviewed by PrimeXBT

Iran's deputy foreign minister says the United States is ready to return to commitments, likely referring to a June understanding on the Strait of Hormuz, while denying that Tehran and Washington are in talks. The comments come as the U.S., Iran and Oman push toward a fresh understanding on managing the strait, with Treasury Secretary Scott Bessent pointing to a possible deal by midweek.

Iran's Deputy Foreign Minister Kazem Gharibadadi said the United States is ready to “return to commitments” on the Strait of Hormuz, even as he denied that Tehran and Washington are holding negotiations. He made the remarks in a Wednesday interview with state broadcaster IRNA, days after President Donald Trump signaled that a deal was close.

Tehran denies negotiations with Washington

Gharibadadi did not elaborate on which commitments he meant, but he was likely referring to an interim understanding Iran and the U.S. reached in June. Under a memorandum of understanding signed on June 17, Tehran agreed to let commercial vessels transit the Strait of Hormuz without charge for 60 days, while Washington committed to lifting its naval blockade of Iranian ships, among other things.

Trump had said on Monday that he believed Iran's leaders were being untruthful about the peace talks, adding that negotiations were underway whether or not Tehran acknowledged it. Gharibadadi pushed back, saying the path of understanding runs between Iran and Oman and that no talks with the U.S. have taken place during this period. The White House did not immediately respond to CNBC's request for comment.

Oman nears a Hormuz shipping arrangement

In a Thursday statement, Gharibadadi said an emerging Iran-Oman understanding on the Hormuz Strait was close to being finalized. Iran had demanded that shipping routes through the strait be changed, citing conditions that have jeopardized the country's national security. Iran's foreign ministry spokesperson Esmail Bagahei had earlier signaled the deal was close, provided outside parties do not interfere.

On Tuesday night, Axios reported that the U.S., Iran and Oman were closing in on an interim agreement to reopen the strait, with Washington aiming for a Wednesday announcement. Bessent also told CNBC that a deal to unlock the waterway could be reached by Wednesday.

Security incidents persist near the waterway

U.S. Central Command said in a Tuesday post on X that the southern route through the Strait of Hormuz remains open to commercial vessels, noting that route passes through Omani territorial waters rather than the part closer to Iran. Still, the UK's Maritime Trade Organisation said Thursday it had received reports of explosions near tankers off Yemen and Oman a day earlier.

Source: CNBC

Trading involves risk.

Most traded markets

XAU / USD
-0.9% 4,127.61
BRENT
+1.35% 73.620
BTC / USD
+0.7% 63,151.2
EUR / USD
-0.12% 1.14269
USTEC
-0.91% 29,428.7
XAU / USD.24
-0.9% 4,127.61
View all markets

Author

PrimeXBT
Our Editorial Team consists of leading experts with a proven record in the fields of trading, cryptocurrencies, blockchain and finance. We thoroughly research the sources of information in order to provide readers with quality content that serves edu...
Read author’s articles
Alert Triangle Risk Disclaimer
Disclaimer: Some past publications may be outdated. We recommend following our news to stay up to date with the latest information. For any questions, feel free to contact our support team via the chat below.
The content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.

Today in markets

Browse World News

Register Now

Trading involves risk

Get started in minutes

Our clients love how fast and simple our sign-up is. It takes just a few minutes to get started!

Get Started Get Started
Get started in minutes

Need Help?

Risk Warning:
Trading in leveraged products carries a high level of risk and may not be suitable for all investors.