The U.S. and Iran remain at odds over conditions for reopening the Strait of Hormuz, while Tehran is nearing an agreement with Oman to define new shipping lanes through the strategic waterway.
Iran Denies Direct Talks With US
Iran has refuted engaging in direct negotiations with the U.S. over the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi clarified that Tehran is not directly negotiating with the U.S. to reopen the Strait of Hormuz, despite Washington’s claims of an impending agreement.
Araghchi mentioned that while direct talks are absent, intermediaries are facilitating message exchanges, according to the Mehr news agency.
Iran Pushes For Concessions
Iran has set forth several demands for fully reopening the strait, including lifting U.S. sanctions, withdrawing American forces from the region and ending the U.S. naval blockade, as well as compensation for wartime damages.
Araghchi stressed that any potential agreement involving Oman on a trade route through the strait would still require the U.S. to fulfill Iran’s conditions for reopening.
Here’s What Prediction Market Is Saying
Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract “US-Iran Hormuz Agreement by…?”
Over $320,000 has been bet on the contract so far.
According to bettors, the probability of Iran and the U.S. reaching an agreement over Strait of Hormuz by August 15 is 13%, down by 36%. The odds improve for August 31, at 25%, down by 24%.
The probability of a deal declined amid Tehran’s push for concessions.
Analyst Warns Gas Prices Could Rise Again
GasBuddy analyst Patrick De Haan has warned that Iran’s demands for concessions from the U.S. over the Strait of Hormuz‘s reopening risk sending oil and gas prices climbing again.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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