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.
However, he was clear that a partial deal would not mean an automatic return to normal shipping.
Iran’s Conditions for Full Reopening
Iran is demanding compensation from the United States for what it calls violations of the Islamabad Agreement, a memorandum of understanding signed in June that collapsed within weeks.
Tehran is also calling for an end to US sanctions, the lifting of the naval blockade on Iranian ports, the release of frozen assets, and a withdrawal of US forces from the region.
The demands go beyond what Washington has signaled it is willing to accept. US Vice President JD Vance acknowledged some progress but questioned whether Iran would offer terms acceptable to the US.
US President Donald Trump has repeatedly insisted that Hormuz must reopen without restriction, threatening further military action if it does not.
Shipping Attacks Continue
Even as diplomacy continues, attacks on vessels in the strait are ongoing.
Abu Dhabi National Oil Company said one of its ships was struck by missiles early Saturday while transiting the strait. No injuries were reported and the situation was brought under control.
The company said 15 of its vessels have been attacked during the conflict, with one crew member killed and 20 injured.
Some ships have continued to move through the strait under a limited shuttle program involving US military assistance, though many have turned off their transponders to avoid tracking.
The Houthis in Yemen also claimed a drone strike on Saudi Aramco’s Jazan refinery, which processes 400,000 barrels per day. Saudi authorities said the fire was extinguished and no injuries occurred.
Aramco’s CEO said recent incidents caused temporary production interruptions but had no material financial impact.
Oil Markets React
Brent crude settled above $83 a barrel last week as traders tracked the prospect of millions of barrels of Gulf supply returning to market.
The price posted a third straight weekly loss as the path to a deal remained uncertain.
Rob Haworth, senior investment strategy director at US Bank Wealth Management, said deals to reopen Hormuz “remain elusive” and that the route to a lasting agreement is unclear.
The strait normally handles around one-fifth of global oil consumption and has been largely blocked since the US and Israel launched military operations against Iran on February 28.
Any final agreement between Iran and Oman would require sign-off from Iran’s Supreme Leader Mojtaba Khamenei. Officials have said reaching him takes time, and no confirmation of his approval has been given.
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