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Hormuz talks shift
U.S. stock indices hit fresh record highs as hopes grew for progress in talks aimed at reopening the Strait of Hormuz, with U.S. Treasury Secretary Steven Mnuchin linking market support to discussions with Iran and the possibility of reaching an agreement to reopen the strait on Tuesday or Wednesday.
“drop in oil prices as hopes grew for progress in talks aimed at reopening the Strait of Hormuz”
In parallel, Iranian television and Press TV quoted an Iranian senior official saying that reaching an understanding with the Sultanate of Oman regarding the Strait of Hormuz is within reach if the United States stops its interference.
The U.S. Secretary of State Marco Rubio said Iran and the Sultanate of Oman are making progress in talks over the Strait of Hormuz and that the United States hopes to reach an agreement to open the Strait of Hormuz very soon.
Al Jazeera later reported that Iran’s foreign minister said negotiations with Oman on the Strait of Hormuz are entering their “final stages,” while Tehran insisted the vital waterway will never return to its pre-war status.
Competing narratives
Iran’s Foreign Ministry spokesman Esmail Baghaei said Tehran and Muscat were close to reaching a deal on a new maritime route through Hormuz, adding, “We are now going to reach an understanding on a route acceptable to both sides – neither the northern route nor the southern route – but one that respects the sovereign rights of both sides and safeguards our national interests and security.”
In contrast, the U.S. side framed the effort as negotiations involving Washington, with Al Araby Al Jadeed reporting that the Pentagon viewed the emerging arrangement as a concession to the Iranians while the plan was discussed amid American efforts to reopen the strait.
Al Jazeera Net reported that Treasury Secretary Scott Bisent told CNBC the United States is negotiating with the Iranians and could reach tomorrow an agreement with Iran to open the Strait of Hormuz, while Bisent said he expects "free passage."
Al-Jazeera Net also captured Tehran’s rebuttal, with Foreign Ministry spokesman Ismail Bagayi saying that Hormuz talks are bilateral with Oman and that agreement on the navigation route is necessary, but not sufficient by itself to regulate passage.
What’s at stake
U.S. President Donald Trump said he would start negotiations with Iran on Monday evening and described the deal as including an immediate and full opening of the Hormuz Strait and an end to Iran’s nuclear threat, while also saying the suspension of the attack was contingent on the ability to clinch a deal quickly.
“Trump said the deal, the outlines of which were agreed, includes an immediate and full opening of the Hormuz Strait”
Al Jazeera reported that Trump had previously threatened on April 7, “a whole civilisation will die tonight, never to be brought back again,” before walking back the threat and announcing a two-week ceasefire brokered by Islamabad.
Iran’s Foreign Ministry spokesperson Ismail Baqai said at a Tehran press conference that there will be no change in the Strait of Hormuz as long as Washington continues what he described as its aggression and naval blockade, and he stressed that “no negotiations currently with America,” clarifying that talks with Oman are exclusively about the mechanism to secure navigation in the Strait of Hormuz.
Al-Monitor added that the closure of the Hormuz has rattled global markets and that rekindled hopes for its reopening drove benchmark Brent North Sea Crude prices down nearly five percent to $79.69 per barrel on Tuesday.
