Tehran states no commitment to restore pre-war transit conditions in the key oil chokepoint, complicating sanctions relief expectations.
Iran will not restore the Strait of Hormuz to pre-war transit conditions under its memorandum of understanding with the US, according to state media. The framework, nearly finalized, excludes commitments on strait management, deferring the issue to regional dialogue with Oman instead of unilateral US oversight.
Markets had anticipated a straightforward de-escalation, with sanctions relief and unrestricted strait access within 30 days. Recent narratives suggested Iran would reopen the strait fully, removing a major energy supply risk. However, Tehran now insists on a revised transit regime, keeping the strait technically open but under new regional administration.
The clarification follows reports of a 60-day timeline for separate nuclear talks, with no agreement on the nuclear file in the current MoU. The shift may temper risk-on sentiment tied to expectations of immediate energy market normalization.