The U.S. May Unfreeze $100 Billion for Iran in Exchange for Access to the Strait of Hormuz — WSJ
The United States and Oman are seeking a compromise with Tehran regarding the situation surrounding the Strait of Hormuz. According to The Wall Street Journal, Washington is prepared to unfreeze approximately $100 billion in Iranian assets in exchange for Iran relinquishing control over shipping in the strait.
One of Washington’s key arguments during the indirect talks was its willingness to unfreeze $100 billion in Iranian assets frozen abroad.
However, on Thursday, Tehran made it clear that this was not enough to change its position.
Upon his return from Doha, Iranian Deputy Foreign Minister Kazem Garibabadi stated that the Strait of Hormuz “is under Iran’s control,” not that of the United States.
Iran seeks to impose a fee on every ship passing through the Strait of Hormuz, citing the provision of services, particularly in the area of security. Tehran expects to receive the lion’s share of the potential annual revenue of $40 billion that such a system could generate.
However, the United States and the Gulf states have rejected this demand.
As an alternative, negotiators are discussing a proposal from Oman, which controls the southern part of the Strait of Hormuz. The plan calls for the costs of maritime services to be covered by a special fund financed through voluntary contributions.
Oman is already consulting with oil and shipping companies to determine whether they are willing to help finance such a fund, the WSJ reports.
Iran has set new conditions for the U.S. to continue negotiations — Reuters.
As a reminder, on June 26, global oil prices fell by about 2% due to an increase in the number of tankers passing through the Strait of Hormuz.
Exports of mineral fertilizers through the Strait of Hormuz have shown rapid growth, bringing supply volumes to the global market back to the levels recorded before the military escalation began.
