Gulf oil flows rebound as Iran says Hormuz will remain closed

Middle East crude oil flows have recovered to 98% of prewar levels, according to JPMorgan figures reported by Bloomberg, even as Iran says the Strait of Hormuz will remain closed until Washington accepts Tehran’s conditions.

Iranian parliament speaker and top negotiator Mohammad Bagher Ghalibaf said Sunday that the waterway would not reopen until the United States met seven conditions outlined in the Islamabad memorandum, according to Iran’s state-linked Nournews agency. He said Iran would continue both fighting and negotiating after Washington sent proposals through a mediator.

Iranian Foreign Minister Abbas Araghchi said Tehran was serious about diplomacy and self-defence. Foreign Ministry spokesman Esmaeil Baghaei said Iran’s immediate priority was an agreement restoring peace and stability in the strait, while the United States remained focused on nuclear talks. President Donald Trump rejected an Iranian reopening proposal last week and has said Iran is severely weakened.

The rebound in exports has not eliminated security risks. Reuters reported that three oil tankers were struck by projectiles in the strait on Tuesday, citing Marisks. The waterway has been largely blocked or disrupted for more than seven months following U.S. and Israeli strikes on Iran on February 28.

Iranian media are publicly divided over the next step. Reformist-aligned outlets have argued for keeping negotiations open, while the hardline newspaper Kayhan has urged Tehran to preserve Hormuz and other leverage until it receives reciprocal concessions.