Iran Drafting Conditions to Reopen the Strait of Hormuz Amid Ongoing Tensions

Iran’s Secretary of the Supreme National Security Council, Mohsen Rezaei, announced on Friday that Tehran is compiling a set of conditions necessary to reopen the Strait of Hormuz, responding to a request from international mediators. Speaking in an interview with Al Manar TV, a media outlet affiliated with the Lebanese group Hezbollah, Rezaei indicated that the conditions would include demands for an end to regional conflict, according to a report by Reuters.

Rezaei emphasized that the United States must first take tangible steps to meet Iran’s requirements before Tehran would allow the strategic waterway to reopen. His comments were echoed by the Iranian state-run IRNA news agency, which reported his statements.

The development follows a warning issued by an Iranian official on Thursday, stating that Iran would target U.S. economic interests if the maritime blockade imposed on the country persisted.

Rezaei also claimed that Iran had successfully “broken the maritime blockade” during a recent ceasefire, exporting between 70 million and 80 million barrels of oil. He further noted that Iranian oil sales had rebounded to levels seen prior to the imposition of international sanctions.

Market reaction

At the time of writing, West Texas Intermediate (WTI) crude oil was trading 1.77% higher on the day, at $82.90 per barrel.

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