Iran has successfully rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping circumstances that may require america to basically change its coverage towards Tehran.
In an announcement issued by Mohammad Baqer Zolghadr, secretary of Iran’s Supreme Nationwide Safety Council, Tehran stated the strait would stay closed till Washington ends what Iran described as its hostile conduct. The six calls for embody an finish to U.S. threats and army motion, a everlasting finish to the warfare, withdrawal of U.S. naval and air forces from round Iran, compensation for warfare damages, sanctions aid and the discharge of frozen Iranian property.
Picture: Official assertion from the Supreme Nationwide Council of the Islamic Republic of Iran
The assertion is important as a result of it signifies that the much-discussed U.S.-Iran draft settlement doesn’t, a minimum of from Tehran’s perspective, quantity to a deal to reopen Hormuz. Any settlement would finally require approval from Iran’s Supreme Nationwide Safety Council.
The delivery knowledge additionally factors to continued disruption. Simply 33 vessels transited Hormuz from Monday via Thursday, down from 50 throughout the identical interval the earlier week, whereas solely six crude tankers have reportedly cleared the strait outbound up to now this week. The decline comes regardless of expectations that Iran and Oman have been near an association governing a delivery hall.
That uncertainty has saved the power market on edge. Iran has additionally been contemplating restrictions on U.S. and Israeli vessels, whereas earlier proposals for transit charges have added one other layer of uncertainty. The European Union has already accused Iran’s IRGC Navy of imposing a screening and toll system for vessels utilizing the strait.
Washington, nevertheless, is presenting a significantly extra optimistic image. Vice President JD Vance stated the U.S. expects oil and gasoline flows from the Gulf to ultimately return to pre-war ranges. He additionally stated Iran had instructed Washington it had no plans to impose tolls, though the U.S. doesn’t totally belief Tehran’s assurances.
JD Vance on Iran:
You see some individuals inside the Iranian system discuss tolling.
The Iranians have instructed us they haven’t any plans to toll the Strait of Hormuz. pic.twitter.com/34AneiClu2
— Conflict Report (@clashreport) August 8, 2026
That leaves the market dealing with two very totally different interpretations of the identical negotiations. Washington is speaking about restoring regular power flows. Tehran is demanding main political, army and monetary concessions earlier than reopening Hormuz.
For oil merchants, the important thing query is subsequently not merely whether or not talks are happening, however whether or not the 2 sides are literally negotiating the identical consequence.
By Tom Kool for Oilprice.com
