Iran Sets Conditions for Hormuz Deal as Oil Prices Post Third Weekly Loss

TLDR

• Iran says a deal with Oman on temporary Hormuz shipping lanes is “very close”
• Foreign Minister Araghchi says full reopening requires US compensation, sanctions relief, and troop withdrawal
• Any deal needs approval from Supreme Leader Mojtaba Khamenei, which could delay an announcement
• Abu Dhabi National Oil Company reported one of its vessels was hit by missiles on Saturday
• Brent crude settled above $83 a barrel, posting a third straight weekly loss

Iran says it is close to reaching a deal with Oman on temporary shipping lanes through the Strait of Hormuz, but has set a long list of conditions before the waterway can fully reopen.

🇮🇷🇺🇸 Welcome to the new normal in the Strait of Hormuz

Over the past 48 hours, the picture looks the same as usual: traffic primarily using the Iran lane, while some ships gamble on the U.S-backed Omani lane

Those transiting the U.S route have naval escorts and have to turn…

- Mario Nawfal (@MarioNawfal) August 9, 2026

Foreign Minister Abbas Araghchi said on Saturday that negotiators are nearing an agreement on limited maritime transit routes for ships entering and leaving the Persian Gulf.

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