What happened
Iranian Foreign Minister Abbas Araghchi Sunday said a deal with Oman on control of the Strait of Hormuz was in the “final stages,” but that “does not mean reopening the strait” until “conditions” are fulfilled. Iran’s Supreme National Security Council on Saturday said the strait won’t be reopened until the U.S. “corrects its behavior,” permanently ending the war, lifting the naval blockade and sanctions, “unconditionally” unfreezing Tehran’s assets and “completely” compensating it for war damages.
Who said what
Between its leverage over global oil prices, the “diminishing stockpiles” of key U.S. weapons and the war’s deep unpopularity with U.S. voters, “Iran believes it holds the cards,” The Associated Press said. Trump Sunday told Axios that the U.S. was “low-keying it” with Iran, waiting for economic pain to bring it to heel. Iran’s demands are largely what Trump “already agreed to” in June, The New York Times said. And denying Trump the “ability to claim victory over the strait” is Iran’s “most efficient lever to persuade him to recommit to those agreements.”
What next?
Tehran’s emerging deal with Oman would give each country control of one direction of transit through the strait. There would be no “fees or tolls during the interim period,” the AP said, but “formal control over even part of the strait would be a clear win for Iran and a loss for the U.S.”